Tag: Estate Planning
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Biggest Deed Slip-Ups (and How Not to Make Them)
Mistakes happen. When they happen to a deed, they can go unnoticed for a long time — sometimes leaving a clouded title through a chain of owners. But at some point, a deed mistake catches up to an owner, buyer, or heir. So, let’s take a look at 8 common homeowner deed mistakes, and how…
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Transferring Property to Family: What to Know About Gift Deeds
A gift deed signifies a voluntarily title transfer from a “grantor” (the giver) to a “grantee” (recipient). Recipients are often loved ones or charities. A home’s transfer through a gift deed happens without consideration — meaning no money or thing of value is given in return. The deed states that the title is conveyed for…
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Time for an Estate Planning Review? Check for 9 Common Deed Mistakes
Creating an estate plan is a wonderful thing to do for your loved ones. And it’s actually never too early to do your estate planning. Every homeowner should be confident that their intentions will be carried out, according to clear, effective documents. So, let’s briefly go over nine common mistakes to look out for when…
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When Parents Won’t Let Go: Micromanaging Homes in Family Trusts
Family trusts can be helpful estate planning tools. A trust can protect a household’s assets, and effectively pass wealth along to family members. Those who receive income or assets from a family trust are called beneficiaries. But some of the people who are supposed to benefit may not entirely appreciate the gesture. They might resent…
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Selling the Family Home to Fund Retirement: Get It Done in 5 Steps
Thinking about the financial and practical aspects of selling your family home to fund your retirement? Wondering where to even begin? It’s a major milestone. And it’s best approached one step at a time. Here are the steps in the process of navigating the real estate market as a senior, selling your home and starting…
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As You Get Older, You May Need Medicaid. Protect Your Deed.
Medicaid is a popular program, funding healthcare needs. For millions of eligible people, these needs include nursing home stays. First, the good news. Most people don’t have to sell their homes to qualify for nursing home funds. Now, the not-so-welcome news. The state could record a lien on your title and collect from your estate…
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When a Co-Owner Has Dementia: What’s Ahead?
Do you co-own a home? Then you could one day be asking if your deed can be signed over to someone else if either co-owner develops dementia. You might even want to transfer the deed entirely, and move to a place that will be easier on one or both of you. Let’s take a look…
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Moving to a Community Property State? Here’s What Couples Should Know
You might have heard that some states, like Texas or California, have community property laws. You might have wondered what that was all about. A few other states follow community property law, too. They are Arizona, Nevada, and New Mexico, along with Louisiana, Idaho, Washington, and Wisconsin. Considering moving to or from any of those…
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Estate Planning for Seniors With Multiple Properties
Seniors who own multiple properties have unique estate planning challenges. It’s a good problem to have. But if you’re in this situation, you’ll need to develop a strategy to pass your valuable assets after your passing. You’ll want to know the basics about deeds, wills, and trusts. Tax implications? Yes, those too. You’ll want to…
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Can My Name Be Added to a Deed Without My Consent?
As a general matter, no. A deed transfer is not valid unless it’s delivered and accepted. A deed holder who is leaving a home to a beneficiary needs to talk with that beneficiary, and other loved ones. They should know what to expect for the deeds’ future. They should understand the reason the home is…
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How a Durable Power of Attorney Works for a Home Deed—And How to Create the POA in 8 Steps
Have you thought about estate planning and your home? One tool you should know about is the durable power of attorney. A durable POA can help a senior deed holder manage property and money, even when they’re losing the ability to do this personally. The document names your agent(s) and lays out their continuing authority…
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When a Homeowner Dies, What Happens to the Home?
What happens when a homeowner dies depends on whether there’s a will, the level of debt left behind, and how members of the deceased person’s circle think about others who could be beneficiaries of the estate. Understanding these factors can help a homeowner write a will that works. And if you stand to inherit an…
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Multigenerational Homeownership: How the Deed Is Vested
Millions of U.S. households have multiple adult generations. How do they divide up the worth of their home and the upkeep that goes into it? Who pays the mortgage, insurance, and property taxes? What happens if an owner leaves the home, or passes away? A lot comes down to good deed planning. In this discussion…
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You Can Quitclaim Your Home to a Loved One to Skip Probate Costs. Is It Worth It?
A quitclaim deed easily, quickly transfers your home’s title. You can use a quitclaim to give a home to someone else, with no expectation of a payment from the recipient. Some people use quitclaims to pass homes to their family members. So, is this a good way to carry out your wishes yourself — a…
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Added to a Deed: What Are the Tax Consequences?
It’s a common question. You’re going to be added onto someone’s deed. Will you have to declare your new homeownership to the IRS? An acquisition of real estate is not considered income. But being named on a deed could still implicate taxes. Let’s explore why.
