Revocable vs irrevocable trust: which is better. The difference between revocable and irrevocable trusts and the purpose each serves in estate planning. Q: I am divorced and have two grown daughters. I am placing my house in a trust. My attorney is recommending an irrevocable trust. Which do you prefer, revocable or irrevocable and why? [...]
What is the difference between a trust and a life estate? And is it easier to sell a home that's held in a trust or in a life estate? How do I find out if I am listed on a trust? Q: Not really a question as much as a comment on your story about [...]
Should you add a child’s name to your property title? Pros and cons of adding a child as co-owner to avoid going through probate to inherit property. Q: I just read your column giving suggestions to an elderly mother who wanted to make sure her daughter received her home at death without probate. I'm a [...]
How to leave property to a child. This reader wants her daughter to inherit her home, but doesn’t want her to have to go through probate. Q: I am a 77-year old widowed woman. I have a house with a mortgage that I purchased a little over a year ago. At the closing, I asked [...]
What happens when the co-owner of your home dies with debt? This reader is concerned they’ll get stuck with the bill or worse, that they’ll lose the home. Q: My mother and I currently share ownership of my home. We own the home equally. I've been reading some of your posts on ThinkGlink.com and it [...]
With an underwater mortgage, this senior homeowner is desperate for help. Thanks to the Great Recession, this older homeowner is struggling with selling at a loss or staying in their home. Q: My mother is 90 and needs to soon move from her condo to an assisted living facility. She bought her condo at the [...]
Can you sell your home if it’s held in a living trust? It all depends on how you set up the trust and what happened with the quitclaim deed. Q: In 2012, I set up a living trust, and at that time signed a quitclaim deed to my house and property over to my daughter. [...]
What you need to know about paying taxes on a home sold after a spouse’s death. Q: Just finished your awesome article on computing tax due on the sale of the primary home when a spouse passes. I just had a quick question. Let’s say a spouse passes on March 01, 2017. The first thought [...]
Do you need to renovate an old inherited home before selling? The first step to deciding involves speaking with a local real estate broker to lay down the numbers. Q: Our sister recently passed away leaving the family home that mom left her six years ago. She had no will and left outstanding debts as [...]
Should you have a transfer on death deed, a living trust or both? For this reader, it may be best to pursue all options available to them. Q: My father signed a quit claim deed in 2008 for my mother to be sole owner of their mobile home. Now, in 2018, she put him as [...]
