Currently, inheritance of a certain amount or value is subject to an inheritance tax. However, these regulations are changing. Look here for more information about when inheritance tax applies and any changes in the law.
Unpaid Home Loans: Sibling Wants Her Fair Share
Unpaid Home Loans Reader wants her fair share after siblings failed to repay home loans to mother's estate Q: My mother told me directly that the home loans my sisters and brother received from her would be taken out of their inheritance. My mother passed away 10 years ago. I just found out that my [...]
Estate Planning: Holding Title as Tenants in Common Causes Problems
Estate Planning: Holding Title as Tenants in Common Causes Problems Q: My husband died a couple of months ago. He had a living trust. I did not realize that our condo was titled as tenants in common rather than joint tenants. When he died, I asked a friend for the name of a lawyer to [...]
Finding the Will Saved the Day
Finding the will saved the day Sibling never wanted mother's will found so she'd get a bigger inheritance Q: My mother's original will was kept in her attorney's office. At some time after she signed it, her estate attorney died. My sister hoped our mother died without a will so that she would get half [...]
Estate Plan: Is a Simple Will Enough?
Our estate plan is a will. Is that enough to make sure our son inherits? Q: I read about people putting their home in trust to avoid probate. Our estate plan is a simple will. Our house and everything we own, including our money and personal effects, is left to our son. I thought that [...]
How to Transfer a Home Into a Living Trust
How to Transfer a Home Into a Living Trust Will a living trust always help a home owner avoid probate? Q: I am trying to help my dad transfer his home into a living trust. He will maintain the home as his primary residence. We want to put the home into a living trust to [...]
Who Should Inherit My Mom’s House?
Who should inherit my mom's house? A step-sister is claiming a share of the reader's mom's house after mom quitclaimed the deed to her father Q: My mother and father were married for over 20 years. During their marriage they bought a house. At some point my mother signed a quitclaim deed and made my [...]
Should I Put Inherited Property In LLC?
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 [...]
Timeshare Horror Story
Timeshare Horror Story Inheriting a timeshare caused family drama after niece and nephew demanded a share of the sale. Q: My parents purchased a timeshare with a floating week in a nearby town many years ago. One of the nicer aspects of the timeshare was that if your name was on the deed, you and [...]
Minimizing Taxes on Inheritance
Minimizing taxes on inheritance Buyer wants to know how to minimize taxes on a rental property he inherited. Q: I inherited my mother’s home. That part went well, but boy was I uninformed. As I’ve now learned, and Ilyce’s site (ThinkGlink.com) made this clearer, when one inherits a house: (i) You can benefit by paying [...]
Calculating Capital Gains
Calculating capital gains. You'll want to keep receipts to make sure keep your capital gains as low as possible. Q: I read your recent article on capital gains and how to calculate them. Here’s my issue. I thought I could shred a whole bunch of receipts accumulated during my ownership of my home. I see [...]