Assets are everything that you own that can be used for the payment of debt. Assets could include cars, a house, land, bank accounts, stocks and bonds, even items like furniture, clothing, jewelry and collectibles. To calculate net worth, subtract everything you owe from the sum total of your assets. Learn more about your assets and what they mean in different transactions on this page.
Creditors Collect Assets Owned By Incarcerated Debtors
Can a creditor put a lien on your house or property if you're in jail? If a creditor is able to get a judgment against a debtor, the creditor can go after assets owned by the debtor: bank accounts, cars and real estate. Whether you're incarcerated does not matter, but most states have time limits for creditors to pursue judgments against debtors.
Commercial Real Estate Liabilities After A Divorce
When you own commercial real estate with a former spouse and decide to remarry it may require clarifying the assets you hold. To resolve who's liable for paying the mortgages, it may mean signing a quit claim deed or other documents. But before signing anything about your commercial real estate holdings, you should consult with an attorney to understand what you're signing. And before getting married, inquire about a future spouse's financial obligations.
Quit Claim Deed And Medicaid Lookback Rule
If an elderly relative owns a home and quit claims it to you before going into a nursing home the home may be at risk for the Medicaid lookback rule. The Medicaid lookback rule may allow the government to try to recover medical costs by selling an asset such as a home. How does Medicaid treat quit claim deeds? Discover what documentation to gather to protect the home.
Ilyce Glink on WSB Radio – August 31, 2008
Today on the Ilyce Glink Show, Ilyce talked about Integrity Bank, the Alpharetta, Ga.-based bank that failed on Friday. It was the 10th bank to fail this year. Regions Financial Corp has assumed the assets of Integrity Bank and all of its 5 branches will reopen on Tuesday as Regions Bank branches, according to the FDIC. Ilyce answered questions about CDs held by Integrity and also how to find out ratings information on banks. She also talked about the skyrocketing numbers of mortgage loan fraud that took place in the second quarter of the year, and answered questions on credit card debt charged up by an ex-spouse, whether it's a good idea to finance the purchase of a new car using a check from a credit card company, how to calculate the profit from the sale of a personal residence, whether "subject to" contracts are a good idea, whether a VA loan is better than a conventional mortgage and how to talk to a 93-year-old dad about his assets. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
Is Probate Expensive? Maybe Not in Your State
I received this letter about my show on August 17th, which featured John Ventura, an author and attorney in Texas, and director of the Texas Consumer ...
Law May Override Inadequate Estate Planning
A woman writes saying she was the personal representative for her son's father's estate. She does not live in the area of the estate and the judge removed her as personal representative. She feels the judge was not impartial in changing the personal representative for this estate settlement. She wants to know her legal rights concerning who is the personal representative for this estate settlement.
Will Supersedes Quit Claim Deed
When you sign a quit claim deed you relinquish ownership rights to a property to another person. If that person has you as the heir in his or her will you should get the property back. If you're not listed in the will, then the quit claim deed stands and the property goes to the heirs named in the will. To sort this out you'll need to review the quit claim deed and the will and possibly contact an estate attorney.
Quit Claim Deed May Not Protect Property In Lawsuit
Transferring property just before or during a lawsuit without payment may be seen as a fraudulent conveyance -- as if you were trying to shield assets from the lawsuit. Even if you sign a quit claim deed giving up your interest in a property, the court can overturn that quit claim deed and award the share of the property to the victor in the lawsuit. Learn more about how the timing of a quit claim deed can put a property at risk.
Medicaid Lookback Period Could Reverse Home Transfer
A daughter asks about her father's eligibility for Medicaid after he transfers his home to her. Will his eligibility for Medicaid be affected by the transfer of his real estate wealth? Find out about eligibility for Medicaid and the Medicaid lookback period.
How To Evaluate Home Inheritance Options
When you inherit a home from a family member, should you keep it or sell it? What can you do with a home inheritance if selling isn't an option? Does a deed in lieu of foreclosure or a foreclosure make sense? To keep the home, you'd need to keep paying the mortgage, taxes and insurance.