Trusts are a way to protect assets from probate and may be used in estate planning. A common type of trust is a living trust, where assets are legally protected while the owners are alive. Assets may be put in a trust for a child who can access them only after reaching a certain age. Trusts may be revocable or irrevocable.
What happens when you sell a property in a trust? This reader wants to know about the $250,000 gain exclusion and other tax implications. Q: My wife passed away this past year and our home is titled in her trust with me as trustee and my children as beneficiaries upon my passing. Is my cost [...]
A Florida homeowner asks how to avoid probate for her estate. She wants to leave her condo to her son but does not want him to pay probate costs. Can she set up a transfer on death deed so that her son avoids probate? Probate laws vary by state and so she should consult an estate attorney to better understand Florida probate laws.
The county assessor's office incorrectly classified a single-family home as a three-family building. With the mistake corrected, the homeowner wants to know if she can receive a refund for the overpayment of back taxes.
A woman tries to reclaim assets after her father's death. Before dying he lived with his mother and gave her power of attorney to handle his affairs. The woman says her grandmother passed on a car and house when the father left them to her (his daughter). What can the woman do to get the car and the house back? What rights did the power of attorney give to the grandmother?
Learn about property estate planning including repair and maintenance duties. Is using a quit claim deed or an irrevocable trust a better option? Inheriting property saves more on taxes than signing a quit claim deed.
Today on the Ilyce Glink Show, Ilyce interviewed enrolled agent Bill Cartwright about the Mortgage Forgiveness Debt Relief Act, foreclosures and home equity lines of credit. John Ventura, author of "Kiplinger's Estate Planning," discussed choosing guardians for children, trusts and probate. Ventura, who's also a bankruptcy lawyer, also talked about the increases in bankruptcies and foreclosures and how to avoid foreclosure. Hour two of the show was a rebroadcast of listener calls from June 8. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
Learn about estate planning, including trusts from John Ventura's new book: "Kiplinger's Estate Planning: The Complete Guide to Wills, Trusts, and Maximizing Your Legacy." This estate planning and trusts book review shares that less than 50 percent of Americans have a will. Planning your estate and possibly a trust will ensure that your estate goes to the heirs you select. Estate planning and trust requirements will vary depending on where you live and what kind of property you own.
A Florida homeowner asks whether she can avoid probate for her estate by using transfer on death (TOD) deeds. She wants to leave her condo to her son but does not want him to pay probate costs. Can she set up a transfer on death (TOD) deed so that her son avoids probate? Florida does not support TOD deeds for real estate but she can consult an estate attorney for help with probate laws and possibly setting up a trust.
As parents, you may decide you want to pass on your real estate holdings to your children. To figure out the right way to pass along property, without incurring excessive taxes or mortgage liabilities, you should do some estate planning with the help of an estate attorney and accountant. When you change the title of a property to the name of your children without proper planning the cost basis becomes the property's original value as opposed to that on the day of your death.