Tag: Estate Planning
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Second Thoughts After Deeding Your Home to Your Child? Why and How to Fix It
You had the very best of intentions: helping your adult child get the deed to a home in a housing market stacked against young buyers. So you transferred the deed to your home into the name of your child. Why wouldn’t you? Now, your child will be able to enjoy the home. The transfer is…
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Medicaid Estate Recovery: Is Your Deed Safe?
If you qualify for Medicaid, you don’t have much money in your accounts. But you’ve held onto your deed. Maybe your adult children are helping with household expenses, expecting the home to stay in the family. But will it? Or will Medicaid claim your home after your death—as repayment for benefits extended to you while…
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Unlimited Marital Deduction: Tax-Free Spouse Asset Transfers
Where there’s a deed, there must be an estate plan. Every deed holder must decide where that ownership interest will go when they’re no longer around. Good planning takes into account how a property transfer will be taxed upon death. For spouses, there are tax advantages to know about. A key example? The unlimited marital…
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What Is an “Implied Life Estate” and Why Should Heirs Know?
Our readers will recall that creating a life estate is a way to divide property ownership, with a resident keeping a home throughout their lifetime and then passing a “remainder interest” on to someone else upon death. When the person who lives in the home passes away, the owner of the remainder interest may have…
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Older Adults Are Holding Record Amounts of Home Equity. Can Their Heirs Afford to Keep It?
Older adults are poised to pass along roughly $19 trillion in home equity over the next two decades. But the wealth is unevenly held. Many seniors struggle to preserve the equity they have. And even if they can, will their heirs be able to do the same? More than a fourth of homeowners aged 65+…
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How It’s Going: The Rise of the “Transfer on Death Deed”
Homeowners looking to pass property to the next generation are increasingly asking about transfer on death deeds. These deeds aren’t new. But they are a relatively new option in a number of states. Many people only know about them when their state lawmakers decide to introduce them. Today, more than 30 states allow for a…
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South Dakota Allows “Transfer on Death” for Mineral Rights
Most states have adopted transfer on death deeds. In South Dakota, this option was established in 2014. South Dakota’s transfer on death deed form is a useful tool. It allows deed holders to give children or other beneficiaries a specific property without the complications of making them current owners. Real estate includes both surface rights…
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How to Change the Beneficiary on a Texas Transfer on Death Deed
General legal information about Texas transfer on death deeds. This article describes how Texas law treats beneficiary changes; it does not provide legal advice for any particular property, title history, family situation, creditor issue, or estate plan. Overview A Texas Transfer on Death Deed, often shortened to TODD, is a deed that allows an individual…
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Your Child Will Be Your Successor in Interest. What Does This Mean?
A successor in interest may be the person who inherits your home or otherwise receives an ownership interest from you. It’s a person who takes on the rights and responsibilities connected with the deed. In short: A “successor in interest” is someone who acquires an ownership interest from another party. Your child would also be…
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Can a Transfer on Death Deed Save Your Family Money?
Seniors hold deeds to a third of all owner-occupied homes. In the coming years, they’ll spend a lot of money in estate planning. Those who want a simple, cheap way to transfer the home at death have a new option in many states: the transfer on death deed (also known as a TOD deed, or…
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Head Off Family Fights in Advance: 8 Smart Estate Planning Moves for Deed Holders
No doubt you’ve experienced it, or more than a few of your friends have. Parents pass on, and then the adult children aren’t speaking. It can happen in any family. Well, you might think, I won’t have to deal with such matters once I’m gone. True. But your heirs (called “beneficiaries” if you use a…
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Power of Attorney Between Joint Owners
If you hold a deed jointly, you might wonder what would happen if one joint owner becomes incapacitated. Can just one of you carry out refinancing or a sale on behalf of both of you? With a power of attorney (POA), one co-owner—called an agent—can sign legal agreements for the co-owner—called the principal—who loses the…
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Understanding Tenancy by the Entirety
Tenancy by the entirety is one way to vest a deed. It designates shared ownership of property. In the states that allow it, a tenancy by the entirety is a protective way for married couples to co-own a home. So, if you’re acquiring a deed as spouses or legal life partners, holding property as tenants…
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Three Estate Planning Moves Smart Seniors Avoid
You already know that naming your children on your deed is probably not good tax planning for the next generation. But what other, less obvious deed mistakes do smart seniors avoid? Here are three to consider.
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Estate Planning? Elder Law? Which Do You Need?
Estate planning focuses on what happens with everything you own after death. Elder law addresses legal and planning needs late in life: decision-making authority, asset preservation, and support during physical changes that occur with age. Read on for a more detailed overview and comparison.
