Tag: Estate Planning
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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.
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If, Why, and How to Donate Real Estate to a Cause
Wondering how to donate a house? Charitable donations can keep supporting your causes long after your lifetime. Gifts of land, homes, or easements make a lasting mark. Of course, there are various reasons for real estate donations. Some donors are less interested in the cause than they are in offloading an investment property, or in…
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I Deeded My Property to Someone Else. Can I Revoke My Gift?
Giver’s regret isn’t unusual. A desire to void the gift of a home after transferring the deed could happen for various reasons. Perhaps you recovered from a serious illness and could really use that home after all. Or maybe your tax expert told you that letting someone wait to inherit your home would be better…
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Dower Rights for Surviving Spouses: Does Your State Still Have This Old English Relic?
If you live in Michigan, your state ended its dower rights in 2017. But if you live in Arkansas, Kentucky, or Ohio, dower is still on the books in your state. This musty old legal provision gives spouses a peculiar set of real estate protections. Kansas, too, has a “dower-like” provision in its KSA 59-505.…
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Warning: When Not to Sign Over Your Deed
Transferring the deed to your home is a simple matter. Generally, you just have to find the current deed to your home, then get the right deed form to write up your new deed to convey to another party, and take the document to a notary. Then your signature can be notarized and the deed can be…
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Welcome News: Some States Are Helping Seniors Defer Their Property Taxes
Taxes keep going up, following property values. But some homeowners — and buyers — can tap into county or state property tax breaks. Some states exempt seniors from property tax. Some states let eligible homeowners put off paying property taxes — in many areas, for as long as they own the home. An exemption doesn’t…
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Using a Quitclaim Deed: What Are the Drawbacks?
A quitclaim deed is a simple form that transfers a piece of real estate from one person to another. Any homeowner can fill out a quitclaim deed with their name and the name of the recipient, and the property’s existing legal description, sign it in front of a notary and record the document. That effectively…
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Can a Quitclaim Deed Be Undone?
A quitclaim deed transfers real estate to a new owner. A properly completed and recorded quitclaim cannot be undone. Here’s why — and what to do next if there’s a problem with the transfer.
