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.
How To Shop For A Mortgage
A home owner is tempted by all the no cost mortgage advertising. He is looking to refinance his mortgage and home equity line of credit (HELOC). Ilyce explains how to shop for a mortgage and advises everyone to beware of deals that seem too good to be true.
Builder Won’t Recognize Buyer’s Agent
A reader visited a new development in her neighborhood. The builder's sales representative will now not work with the buyer's agent. Ilyce explains why new developments try to avoid working with buyer's agents and advises the reader how to continue with an offer.
Shopping For A New Mortgage Company
A home buyer is unhappy that the good faith estimate from his lender did not disclose prepayment penalties. Ilyce explains that he should shop around for a different mortgage company. Having a lender pull his credit report will not lower his credit score.
Rehap or Sell Home to Developer
Summary: A reader inherited a dated home from his parents. Now he is faced with the decision to invest money to improve the h...
Setting Up Condo Association
Normally, condominium associations are not-for-profit corporations, and each state has specific guidelines regulating them. One guideline is to have a registered agent for the condominium association. If the condominium association is involved in litigation, the registered agent is the person who will receive the legal notice of the suit.
Bankruptcy Doesn’t Change Home Ownership
A reader had owned a home with her boyfriend prior to falling ill. Her boyfriend filed for bankruptcy and now claims she no longer has any interest in the home. Ilyce suggests she check with the bankruptcy court and check to see if the boyfriend has forged her name.
Life Estate On Home Could Lead To Gift Tax
Receiving a life estate in a home means the home belongs to you and you can do as you wish with the property, except for sell or transfer upon death of the holder. Giving someone a life estate could result in a gift tax. Talking with a real estate attorney should help determine a way to use a life estate without incurring a gift tax.
Paying Expenses After A Spouse’s Death
When your spouse dies with credit card debt, is it your responsibility to pay it off? It depends on whether the person who died had an estate with money to pay off the credit cards. If the deceased did not have an estate to pay off the debt it may fall to the spouse, depending on whose name was on the credit cards.
Retirement Investments And Estate Planning: Finding A Financial Advisor
There are several places to go to find a qualified financial advisor to help you decide on retirement investments and estate planning. Flat fee financial advisors who can assist you on decisions dealing with retirement investments and estate planning is through the Garret Planning Network. The National Association of Personal Financial Advisors can give you a list of fee-only financial advisors who can help you make decisions on retirement investments and estate planning.
Transferring Deeds On Inherited Property
To divide multiple properties acquired through inheritance, the owners will have to have new deeds drafter. Each partywill have to sign each new deed, but the "grantee" on the deed will become the official new owner. Don't forget to hire an attorney to help you in drafting the deeds and in making sure that they get recorded with any additional documentation that is required of you.