inheritance: The Thing You're Forgetting To Update In Your Estate Planning Documents - 04/12/11 05:00 AM
Imagine you have passed away suddenly. You have not updated your estate-planning documents. Your current spouse, grief-ridden, amidst arranging your costly funeral and having to break the unfortunate news to all of your family and friends discovers your ex-spouse was the main beneficiary in your will. Not the way you want to be remembered?
Financial adviser Roger Wohlner tells you all about updating your will and other estate-planning documents on today's Equifax Personal Finance Blog. 
There are more factors to consider when updating your estate-planning than you might think. Of course you should update when there is a new spouse, child … (4 comments)

inheritance: Maximize Your IRA Benefits With An Inherited IRA - 12/14/10 12:37 AM
Whenever people start to talk about IRAs and estate planning, you can almost see the numbness come over an audience. I can understand why confronting your own mortality comes well behind the name of the latest contestant to be kicked off Dancing with the Stars on the interest scale.But one aspect of IRAs is genuinely exciting, because it permits you to take a humdrum, modest IRA and turn it into a huge windfall for your heirs. It’s very easy to achieve this goal. Just leave an IRA to a beneficiary of your choice.This advice comes from Dan Solin, author of The Smartest … (2 comments)

inheritance: Options for Refinancing a Mortgage on an Inherited Property - 11/02/10 02:35 AM
If you've inherited a property, you may be considering a mortgage refinance. I received a question from a reader whose son passed away, leaving her and her husband with his condo. Should they refinance the mortgage on this inherited property? Q: My son purchased a condo in August, 2008. He paid $240,000 and put down 20 percent in cash. Similar properties are now selling for about $200,000. My son passed away in June leaving no will. After a period of 60 days, our county court signed over the title to me and my husband. The condo is rented out and we … (1 comments)

inheritance: Inheriting a House Leads to Sibling Rivalry - 07/23/10 04:47 AM
I had a reader write in asking about how to handle a sticky situation involving her sister an inherited property and lots and lots of fees. Dealing with the loss of a parent is hard enough, stressing over selling and maintaining an inherited property makes the whole thing even harder.
Q: My sister and I inherited a townhome when our father died last year. A Realtor has estimated the current value to be about $160,000, with no mortgage on the property. The will stated that we each get half of the property.
The townhome has been for sale on and off … (1 comments)

inheritance: Estate Planning: Who Will Inherit Your Home? - 04/19/10 06:57 AM
When thinking about estate planning, you should consider who will inherit your house. Do you want your spouse to inherit your house? If your spouse doesn't own the house with you, he or she may not inherit your house.
A prenuptial agreement can help establish who owns the house and what will be done with the house. Consult an estate planning attorney to help determine what will happen with your house.
Read the full story about estate planning at ThinkGlink.com
(2 comments)

inheritance: Quit Claim Deed Causes Family Problems After Death - 04/19/10 05:35 AM
Dividing inheritance between family members after a loved one's death can cause many problems. Quit claim deeds can cause problems if they're not filled out correctly.
A quit claim deed can divide the property among family members or even transfer property to one person. Make sure a quit claim deed is filled out properly and inheritance is divided properly between family members.
Don't let a quit claim deed cause unnecessary problems after a family member's death.
Read the full story at ThinkGlink.com
(0 comments)

inheritance: Inheritance Problems Between Siblings After A Parent's Death - 04/19/10 05:11 AM

 
Family members often run into problems with inheritance after a parent's death. Assets may include money or a home.
One reader wrote and told me her story about helping out her mother in paying taxes on her home and helping with other expenses. Her and her husband received the home in return. After her mother's death, however, issues came up about whether it was fair for the woman's other siblings.
Read the full story at ThinkGlink.com
(2 comments)

inheritance: $8,000 First Time Home Buyer Tax Credit: Trying to Buy and Inherit a Home At The Same Time - 11/05/09 01:40 AM
Q: The closing on my house will occur at the end of October or the beginning of November. I should be eligible for the $8,000 first-time home buyer tax credit.
But here’s the wrinkle: I will be inheriting a house in November when my father's estate comes out of probate. Will that make me ine
ligible for the $8,000 first-time home buyer tax credit? I plan to live in the house that I am purchasing.
A: The rules relating to the $8,000 first-time home buyer tax credit require you to be a first-time home buyer by the date of the closing. … (0 comments)

inheritance: $8,000 First Time Home Buyer Tax Credit: Buying A Partially Inherited Home - 11/05/09 01:24 AM
The first time home buyer has restrictions on income. The first time home buyer tax credit requires you to live in the home for 3 years. Also, you can't have owned a home for the last 36 months. In addition, the first time home buyer tax credit has restrictions on who can sell you the home. If you are buying a home from a close relative, you won't qualify for the tax credit. But what if you inherit the home?
Q: My sisters and I recently inherited our mother's house. The sister that is executor of the will also wants to … (1 comments)

inheritance: Cost Basis For Inheritance Set To Expire in 2010 - 04/11/09 04:06 AM
Summary: Currently, when you inherit property, the cost basis when you go to sell is the property's market value at time of the person's death. You pay capital gains tax on the difference between the market value and the selling price of the home. This stepped-up cost basis is set to expire in 2010, and so heirs would have to pay capital gains tax on the difference between the original amount paid for the home and the selling price. President Obama has promised to extend the estate tax law, including this provision for a stepped up cost basis beyond 2010. See … (0 comments)

inheritance: Partnership Agreement Ensures Estate Planning Wishes - 03/30/09 06:21 AM
When you're buying a home with a partner but you're not married you may be concerned about protecting each of your interests in the property.
A partnership agreement drawn up by a knowledgeable estate planning attorney can help. The partnership agreement will spell out who gets what in terms of estate planning in case one partner dies before the other.
Question: My life partner and I are buying a house. He wants to put his daughter’s name on the deed instead of his own along with mine. If he predeceases me and I want to sell, could I sell without … (1 comments)

inheritance: Missing Will and Title Make Getting a Loan Difficult - 03/08/09 04:59 AM
Summary: When you inherit a home you may decide to put your name on the home's title with the help of an attorney. What if the attorney you hire to help you with the title loses the documents that prove you own the home, including the will and the title? You may have to contact the local courts to ensure that you own the home if the will and deed are missing, especially if you want to get a home loan to repair the home.
Q: My mother died in 1987. The house was in her name, and in her will … (0 comments)

inheritance: How To Change Property Owner - 03/03/09 10:14 AM
Summary: How do you change a property owner? An adult child says his father was a property owner and his mother is not but still lives in the home. What are the laws about property ownership?
Q: Since my father died, my mother takes care of all the bills including the mortgage on the home. The mortgage is in his name.
Her name wasn't on the mortgage or deed, but I would like to know what would happen if she dies. Would we have any problem taking care of the house because title is still in his name?
I have five … (0 comments)

inheritance: Gift Tax On Real Estate Investment? - 01/24/09 06:34 AM
Summary: What's the best way to pass a second home on to heirs? If you don't want to pay capital gains tax on a sale or a gift tax you should give your heirs an ownership share of the home gradually. If you give an amount of the real estate investment equal to the amount that's not subject to gift tax you can avoid gift tax. Right now you can give people up to $13,000 a year tax-free. That protects everyone from paying capital gains tax or gift tax on this real estate investment.
 
Q: I bought a second home … (0 comments)

inheritance: Reverse Mortgage Age Limit May Cause Home Sale - 01/07/09 02:05 PM
Summary: When siblings inherit a home together they may want to sell the property and cash out. Can one brother live at the property with a reverse mortgage and the other siblings still cash out? One family considers getting a reverse mortgage or home equity loan to meet the needs of all involved. Ilyce suggests talking with a financial planner about selling the property and the related options such as a reverse mortgage.
Q: Our father just died, and we would like to see that our brother stays in the house, which doesn't have any mortgage. Two siblings need the money … (4 comments)

inheritance: Quit Claim Deed Validity Determines Inheritance Rights - 11/09/08 05:58 AM
Summary: If a quit claim deed is signed but never recorded and the former owner dies, who inherits the home? An Ohio family owns a West Virginia property through a quit claim deed but they never recorded the quit claim deed. The law of West Virginia, where the property is located, should determine whether the deed is valid. If the deed isn't valid, then the inheritance laws where the property's former owner lived should dictate who now owns the property.
Q: My siblings and I received property from our mother through a quit claim deed. She has since died. The property … (1 comments)

 
Ilyce Glink, Best-selling author, award-winning TV/radio host. (Think Glink Media)

Ilyce Glink

Best-selling author, award-winning TV/radio host.

Chicago, IL

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