Trusts are a way to protect assets from probate and may be used in estate planning. A common type of trust is a living trust, where assets are legally protected while the owners are alive. Assets may be put in a trust for a child who can access them only after reaching a certain age. Trusts may be revocable or irrevocable.
Seller Financing May Work To Transfer Real Estate
When you're buying property from a family member and don't want to incur a lot of taxes, what can you do? Should the property be put into a trust or should the deed be transferred into the new owners' names? One option is to do a seller financing deal, where you pay your family member as if he or she were a mortgage lender.
Refinancing Changes Names On Mortgage Loan
When you sign a quit claim deed you give up your rights to ownership in a property. If you're on the mortgage for that property you're still liable for mortgage payments. If you're on a mortgage and someone else agrees to make payments and then doesn't it will affect your credit score.
Ilyce Glink on WSB Radio – August 28, 2005
Ilyce opens the show with comments about a recent Alan Greenspan speech about housing prices and possible housing bubble. Ilyce then takes calls and discussion topics including what to do when you have problems renting out a property to pros and cons of real estate investment trusts or REITs.
Ilyce Glink on WSB Radio – July 31, 2005
Ilyce kicks off the show talking about taking significant amounts of time off to travel around the country or around the world. Ilyce then takes calls on the topics from finding a financial planner to take an investor's "small" account to when should some get a trust to protect assets for a child.
Real Estate Transaction To Avoid Probate And Expenses
When a family member wants to bequest property to another family member you need to do estate planning. If the property owner has liens against her property, that is she owes money to creditors who want to be paid when the property is sold, then the new property owner may be liable for those debts. Rather than transferring the property through probate, it's better to sell the property ahead of time and take care of the liens now.
Revocable Trust Administrator Duties
If you're thinking of setting up a revocable trust for a parent or have been asked to be an administrator of one, you will need to make sure you retitle assets that are placed in the trust. Assets include primary residences, vacation properties or even stocks and bonds. Trusts are often used in estate planning.
Organizing Your Personal Finance Life
If you're going to buy a house or refinance your existing loan this year, you should take the time to organize your finances now. Gathering your paperwork together will make it easy to apply for a loan later. Keeping your insurance policies, checking and savings accounts, retirement accounts, investments, tax returns and trust information organized will pay off when you really need the information.
Making Changes To Home’s Title
Adding names to a home's title can be complicated with the IRS. Putting names on a title can be considered a gift and have large tax implications. If you want to add names to a title to help with your estate planning, it's important to consult an estate attorney or estate planner.
Ilyce Glink on WSB Radio – May 29, 2005
Ilyce uses this show to focus on kids and money, and how we can educate our children to be smart with money. Caller on this show raise various topics including home mortgages and real estate investment trusts.
Revocable Trust Can Meet Estate Planning Needs
How can you ensure that your investment property gets transferred to the correct heir in the event of your death? Is there a way to meet your estate planning needs and still allow you to enjoy the investment property's income while you're alive? A revocable trust may be able to meet these estate planning needs.