Tag: Transfer on Death Deed
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Seniors Want to Know: The Best Way to Hold Title to a Home
Buying a home? Downsizing into a condo community? Maybe you’re acquiring a deed for the first time in many years. And you’re thinking of how your deed will eventually transfer your new home to loved ones. The way you vest ownership with your deed supports your goals. Be ready when the title company poses…
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Inheriting a Home? Read This First.
Now more than ever, an inherited home is a valuable gift. Yet when the inheritance time comes, you might not be sure what to think or do. Or you might simply have questions. Thinking ahead can help get you through that time with confidence. Here‘s a brief guide to planning ahead.
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Quitclaim Deeds, Gift Deeds, and Transfer on Death Deeds
Transferring real property between family members is one of the most common estate planning activities in the United States. Whether parents want to pass a family home to adult children, siblings need to resolve inherited property ownership, or grandparents wish to gift vacation property to the next generation, understanding the available deed options is essential…
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For Passing a Home Along, Is My Will Enough?
A will can be enough to distribute a simple estate after you’re gone. In many people’s lives, a deed is the key asset. It can be passed along to your chosen beneficiary through a will. And no matter what other instruments you might use, you absolutely do need a will. In short, the will can…
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Should We Name Our Adult Child on the Deed, So Probate and Title Transfer Aren’t Needed Later?
Would it make it easy on you and your adult child to put the child’s name on the deed to the home you’re buying? Especially if you’re an older adult, it might seem to make perfect sense. But the answer isn’t as easy as it might seem at first glance. So, read on. You might…
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We’re Ready to Close on a Home. But the Deed Holder Has Just Died.
Well, this gives a whole new meaning to the term closing. And yes, it happens. As the baby boomer generation continues to get older, it will likely happen even more. But it’s one thing that’s likely not on a home buyer’s radar as the closing date draws near. First, rest assured. Your deed transaction…
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Can Co-Owners Use a Transfer on Death Deed for Real Estate?
Can co-owners plan to pass a home along using the revocable transfer on death deed (TODD)? Yes. If your state recognizes the TOD deed (also known simply as TODD) for real estate, there will be an official state form. Alternatively there will be a sample included in your state’s law, which you can look up.…
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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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Transfer on Death Deed: Second Thoughts?
Avoiding the probate courts is an important goal for some homeowners. That’s why the transfer on death deedhas achieved popularity. One by one, most states have now adopted the option. Sometimes called the TOD deed, or just TODD, it offers a relatively simple way for a deed holder to say who’ll get the deed next.…
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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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Selling Your Home in Retirement: How to Manage Deed and Title Transfers
Retired and thinking of selling your home? If so, you’re not alone. According to the National Association of Realtors, baby boomers are the largest group of both home sellers and buyers in the country. Here are some considerations for handling your deed and title transfer during your home sale.
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Should My Spouse Add Me to the Deed?
Congratulations on your marriage! One of the many questions you might have about your life ahead is whether to go onto your life partner’s home deed. While we can’t provide personalized advice, we’re glad to offer a set of considerations for anyone asking this question. Follow up with your financial adviser on the points you…
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New in New York: Transfer on Death Deeds
In July 2024, the brand-new Transfer on Death Deed Law went into effect in New York State. Residents are now free to create and record a transfer on death deed (also known as the TODD or TOD deed). If you know who you’re leaving your home to, and that person doesn’t already hold rights of…
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Effective July 1, 2024: New Requirements for Transfer on Death Deeds in Indiana
Starting July 1, 2024, all Indiana counties will implement new requirements for the Transfer on Death Deed (TODD). This legislative update mandates specific procedures and introduces the option of a $10 parcel fee for endorsements by county auditors. The changes are guided by the Indiana Code (IC), particularly IC 32-17-14-26 and IC 36-2-11-14. This article…
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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.
