What Is a Community Property Trust?
“There are two very different kinds of property ownership law for married couples in the United States: common law and community property law.”
How Does My Inherited IRA Fit into Estate Planning?
“Most people don’t know the first thing about the Secure Act and yet it has great impact on their retirement planning.”
Is Your Home Your Largest Asset or Biggest Liability?
“Could generations of traditional homeownership wisdom be wrong? Here’s what you need to know to determine whether your home is an investment that will pay off in retirement—or a liability.”
How Do I Give My Children the Summer Home?
“Whether you own a cabin in the woods or a mansion at the beach, creating an estate plan will determine the best way to distribute a home to your children.”
What are the Worst Things to Leave in My Estate?
“If you’re planning an inheritance, be careful about leaving these assets to a loved one. They may create more trouble than they’re worth.”
What Paperwork Is Required to Transfer the Ownership of Home to Children?
“Have you considered transferring ownership of your home and wondering what records or paperwork is required? The reason for wanting to transfer will help determine how you should proceed.”
When Do I File a Tax Return for an Estate?
“My 91-year-old mother-in-law died on Dec. 13, 2020. There was no Will, so we are currently working our way through the probate process. Her income was less than $20,000 a year from Social Security and we can’t find any tax returns she filed. Was she required to file?”
Would a Life Estate Have an Impact on Taxes on an Inherited Home?
“My mother died this year, and when my sister and I went to sell her home, we found out that without our knowledge, our mom had put us on the title as joint owners, even though neither of us had put any money into the purchase of the home some 30 years ago. Are we now on the hook for taxes on the gain in house value?”
How Joint Tenancy Creates Problem for Seniors
“As parents age, families sometimes struggle with how to best keep their parents’ financial affairs in order. One common approach is for aging parents to put one or more of their children on their investment accounts, bank accounts, and real property.”
