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.
Splitting Mortgage Payments with Parents
Splitting mortgage payments with parents. This reader wants to know how to minimize tax implications and how to protect their later inheritance. Q: I have been discussing assisting my father with his mortgage now that he is retired. We have decided on a 60/40 split of the monthly payment, and I’ll pick up the larger [...]
How to Take Out a Loan on an Inherited Home
If you want to take out a loan on an inherited home, finding the right lender and knowing your credit score can start you off on the right path. Q: My grandparents passed away years ago. Then, last year, my mother passed. My grandparents owned a home and I paid a title company to complete [...]
What’s the Best Way to Divide Inherited Property?
What’s the best way to divide inherited property? A little property value homework can help you decide the best option for your family. Q: How do I divide a real estate inheritance? An uncle died and named me the executor of his estate. I didn’t think he had much in the way or money or [...]
Are Transfer on Death (TOD) Deeds Smart?
Are transfer on death (TOD) deeds smart? This reader wants to know if it’s a safe way to avoid costly probate for children after their death. Q: I am thinking of doing a transfer upon death (TOD) deed to avoid costly probate for my children. Is this wise and safe to do? Would my heirs [...]
Placing a Lien On Property That Isn’t Owned By The Debtor – Yet!
Placing a Lien On Property That Isn’t Owned By The Debtor isn't complicated. A landlord wants to place a lien on a property, but the property isn’t owned by the debtor yet. He will inherit it at some point in the future. What can the landlord do? Can I place a lien on property in [...]
What You Need to Consider Before Buying Your First Home Later in Life
What you need to consider before buying your first home later in life? From mortgage terms to tax deductions, there’s many decision to be made before buying your first home. Note: This post has been updated to reflect a correction to the amount of the 2018 State and Local Tax (SALT) deduction change in the [...]
Claiming Home Ownership Through Adverse Possession: What You Need to Know
Claiming home ownership through adverse possession: What you need to know in order to put the home in your name. How do you claim home ownership through adverse possession? What you need to know in order to put the home in your name? These are some of the most commonly asked questions about adverse possession. [...]
How to Sell Your 1031 Exchange Inheritance
How to sell your 1031 exchange inheritance in order to avoid complications with taxes after the sale. Q: I have inherited a 1/3 interest in a property that is part of a 1031 exchange. The total value of the property is being split between 3 heirs and is worth about $150,000. Is there any way [...]
What Happens When Property is Promised to You but Not Written in the Will?
What happens when property is promised to you but not written in the will? Depending on how the will is written, you may be out of luck. Here’s what you should know. Q: My father told my dying sister her husband would receive her portion of his estate, including his house, in the presence of [...]
Can Selling Inherited Property Affect Your Healthcare Subsidy?
Can selling inherited property affect your healthcare subsidy? Depending on the value of the property, it could. What you should consider before selling. Q: When my mother purchased her small condo 20 years ago she put it in my sister’s name and in my name. She passed away a few years ago and my sister [...]