Selling a Home in an Irrevocable Trust Q: I read your article on living trusts recently. You detail the workings of property in a revocable trust and what one should do with the funds upon the sale of the property. Would the same things apply to an irrevocable trust? I am the creator of a [...]
Home Sale Tax Exclusion: What are the rules? Q: I learned something new in your recent article about the home sale tax exclusion. I did not know that a person could receive the benefit of the Internal Revenue Service (IRS) rule that allows homeowners to exclude from federal taxes the first $250,000 in profits from [...]
Condo deconversion is being forced on all owners. Is that fair? Q: My daughter purchased her first home - a one bedroom condominium in a suburb of Chicago back in 2017. Recently, she was notified that the building was going to go through a condo deconversion become a rental building. We are questioning all parts [...]
Condo Reserves: Buyer Beware Read the first part of this story, Condo Reserves: A Growing Issue. A few weeks ago, we wrote about condo and co-op reserves and the new Florida State law. This new law, passed in the wake of the Surfside collapse in 2021, mandates condo and co-op buildings that are at least [...]
Getting Rid of a Timeshare A reader has tried some common recommendations for getting rid of a timeshare, but is running into a brick wall. Q: I frequently read your column/advice in my local paper. I’ve read your advice about getting rid of timeshares. I tried one of your recommendations about calling the timeshare and [...]
Do Solar Panels Help Sell a Home? Q: We're thinking of moving to a senior living development in a few years, so we'll be selling our house. We've gotten quotes for solar and think it's the thing to do regardless of whether we'd use it long enough to pay off the initial investment. I thought [...]
Trusts: How to Handle a Home in a Trust Q: My mom's home is in a trust. She passed away towards the end of last year. She lived in the home for over 20 years. Her trust lists her six grandchildren as the beneficiaries of the trust. We’ve found a buyer for the home who [...]
Parents selling home to children: Is this the right move? Q: My ex and I are thinking of selling our paid-off home to our two children. Then, both of us would purchase our own places. We would give them a much better deal than they could get on the open market. What are the pros [...]
Should I sell my home in "as is" condition? Q: I recently came across one of your columns on using a company to sell your home on an “as is” basis. You pay no real estate commissions, you get a fast closing and easy terms. Why don’t more people use them? Does the math work [...]
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 [...]
