Currently, inheritance of a certain amount or value is subject to an inheritance tax. However, these regulations are changing. Look here for more information about when inheritance tax applies and any changes in the law.
How to Transfer a Home Into a Living Trust
How to Transfer a Home Into a Living Trust Will a living trust always help a home owner avoid probate? Q: I am trying to help my dad transfer his home into a living trust. He will maintain the home as his primary residence. We want to put the home into a living trust to [...]
Who Should Inherit My Mom’s House?
Who should inherit my mom's house? A step-sister is claiming a share of the reader's mom's house after mom quitclaimed the deed to her father Q: My mother and father were married for over 20 years. During their marriage they bought a house. At some point my mother signed a quitclaim deed and made my [...]
Should I Put Inherited Property In LLC?
Should I Put Inherited Property In LLC? Reader wants to know if using an LLC to transfer property ownership after death is the best way to avoid probate Q: I inherited a parcel of land upon my father's death. His wishes were for the property to remain in the family for my children. In order [...]
Minimizing Taxes on Inheritance
Minimizing taxes on inheritance Buyer wants to know how to minimize taxes on a rental property he inherited. Q: I inherited my mother’s home. That part went well, but boy was I uninformed. As I’ve now learned, and Ilyce’s site (ThinkGlink.com) made this clearer, when one inherits a house: (i) You can benefit by paying [...]
Calculating Capital Gains
Calculating capital gains. You'll want to keep receipts to make sure keep your capital gains as low as possible. Q: I read your recent article on capital gains and how to calculate them. Here’s my issue. I thought I could shred a whole bunch of receipts accumulated during my ownership of my home. I see [...]
How Can Property Go To A Spouse After Death?
How can property go to a spouse after death? Brother gave his sister the deed and never put his wife on title to their home. Q: Our local newspaper printed one of your articles, “Joint Property Co-Owner Dies Without Will.” My brother recently passed away. He was married but never made the effort to put [...]
Elder Fraud or Elder Abuse?
Elder fraud or elder abuse? Godson worries his family is trying to steal his godfather's money Q: I'm wondering if someone is trying to steal my godfather's money. It could be a case of elder fraud or elder abuse. Here's what's happening: My godfather was put into assisted living by his family. He has a [...]
Capital gains tax on inherited property?
Capital gains tax on inherited property? Q: My husband died and I am the beneficiary of his trust, which was transferred to me. Basically everything he owned is in the trust, including our home. I transferred the title to the home into my name. I took no money out of the trust and I didn’t [...]
Inherited Property with a Long-Term Lease
What happens if you inherited property with a long-term lease? Q: I'm writing about your recent column that dealt with a family inquiring about an inherited property with a long-term lease. I know of a similar situation where a family leased one of the best locations in town to a large burger franchise restaurant decades [...]