Estate planning includes all the planning that’s involved for setting up a will, a trust and making sure that your assets go to the people or organizations that you want to have them. Estate planning is complex — you should consider taxes when making plans for your assets to go to your heirs. If you don’t do estate planning you risk having your belongings managed by the state where you live, and your state’s laws may not match exactly what you want. Estate planning is especially important in blended families.
Homestead Exemptions Within A Living Trust
A living trust is a document that creates a separate entity to hold all of your assets. The trust holds the assets, which are managed by you as the sole trustee until you die. Upon your death, the assets are still in the trust and a new trustee can managet the assets and can even sell them.
Building A New Home? You May Need A Home Building Coach
Building a home? If you want to build a new home, you may want to consider working with a home-building coach.
Estate Planning: Trust May Be Better Than Quit Claim Deed
When an elderly parent wants to pass along a property to a child, a trust may be the better choice in order to avoid probate and an increased cost basis. Some families think about using a quit claim deed, which allows the owner to sign over all ownership and financial interests in a property. Using a quit claim deed means the recipient receives the property at the original cost basis which could lead to high capital gains taxes upon sale.
Things To Consider When Drafting Last Will And Testament
Writing a will - documenting your last will and testament - is an important part of estate planning. When you write a will, you ensure that your funds, property and personal effects will be distributed after your death according to your wishes. It's important to think carefully of all possible scenarios when estate planning to avoid a legal mess.
Baby Boomer Trends
With more than 70 million baby boomers heading into retirement over the next generation, developers are trying to figure out what kind of homes they're going to want to buy. Many boomers are demanding more -- and different -- housing choices. Baby boomers expect developers to provide recreational amenities like well designed work out rooms and conveniences like an in-building dry cleaner.
Adding Minor To House Title
A family wants to add their daughter, a minor, to the title of their home. Because she is a minor, the daughter cannot own the home directly, but can own a piece of it through a trust, which can be set up through careful estate planning. A custodial account could be set up for the daughter as part of the family's estate planning.
Estate Planning: Joint Tenant Ownership Of Parent’s Home, Or Will Estate Later?
Should you add your name to your parent's house as a joint tenant or whether the home should be provided for in the will as part of your parent's estate planning? Ilyce explains what would happen if you became a joint tenant, such as whether the IRS would levy a gift tax, as the make estate planning decisions. Ilyce outlines several options as far as estate planning, joint tenant ownership, and whether you should purchase the home from your parent and apply for your own mortgage.
Not Easy To Sell Timeshares From Estate
An estate includes various timeshares. Unfortunately, there aren't any good ways to get rid of timeshares. You can go to the timeshare and try to find other owners of timeshares of the property who might be interested in purchasing yours.
Property Tax Refund Depends On Local Laws
Can you get a refund of property taxes if you overpaid due to your home being misclassified by your locality? It depends on where you live and how long it's been between your overpayment and when you bring it to the county's attention. Even if you can't get a refund of property taxes it may be some solace that you know you'll pay the correct amount going forward.