Tag: Probate
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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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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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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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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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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.
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Only My Name Is on the Deed. Will My Spouse Inherit It?
If you share a home, you might figure your marriage means the home deed will belong to your spouse when you pass away. And if you own the home jointly with survivorship rights, then yes, your home will go to the surviving spouse whenever one of you passes on. But not all spouses vest their…
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Should I Remove My Deceased Spouse’s Name From Our Deed?
You probably don’t have to. That said, the best answer to your question should take into account the way your deed was vested, and whether a lawyer recommends that you carry out a formal name removal for a specific reason.
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Philadelphia’s New Title Clearance Unit Is on a Roll
The new Title Clearance Unit is fast becoming an essential element of Philadelphia’s office of the Register of Wills. Its mission and focus? Helping Philadelphians who inherited family homes, but never formally transferred the deeds. John P. Sabatina, who accepted the Register of Wills post in January 2024, promptly unveiled the new division, supported…
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Should I Pay Off the Mortgage if I’m Single with No Heirs?
Hold on a minute. Are you sure you have no heirs? Somebody in an extended family is nearly always tracked down when someone dies intestate. Of course, that doesn’t rule out the point of your question. Let’s take a look at the person who dies with a mortgage loan balance — but without naming a…
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Ghoulish: Who Steals Deeds From the Dead?
In Houston, stealing deeds from dead people is a thing. Investigators are looking into a deed fraud scheme carried out by three people. These people allegedly laundered deeds of dead homeowners through their limited liability companies. Then they sold the homes to unsuspecting buyers. They’ve pulled in hundreds of thousands of dollars. “This is no…
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Older Adults, Look Out for These Two Common Deed Bloopers
What are the most common fumbles older adults make with deeds? Let’s take it from the top.
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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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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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My Dad Put My Nickname on the Deed: What Should I Do?
My dad passed away. His name and mine are on the home deed I just inherited from him. Here’s the issue. He put my nickname, Kathy, on the deed — though my actual name is Katherine. Do I need to change the deed? If so, can you tell me how? This kind of situation arises…
