Have you considered transferring ownership of your home and wondering what records or paperwork is required? The reason for wanting to transfer will help determine how you should proceed.
We have seen some step siblings able to all get along fine but they seem to be the exception. More likely, one sibling feels divided loyalty to the birth parent, not the step-parent.
I know of someone who was joint account holder with his dad for many years, then later his dad then appointed him as power of attorney. How does that work? Is the son still a joint account holder?
It may seem like a grim way to spend your free time, but planning your estate when you are young can actually give you the peace of mind you will need to enjoy your golden years in the future.
To be tax efficient, which types of assets should you live off of in retirement, and which should you plan on passing down? There’s a bit of art to the equation, and how you plan can make a big difference to your beneficiaries.
Right now, gifts to trusts can take advantage of high tax exemptions and remove future appreciation of assets from taxable estates. One example available to spouses is making a gift to a trust that allows for a qualified terminable interest property (QTIP) election.
The documents may still be valid but if they are stale or outdated, you may spend significant money trying to use them down the road.
I am one of three daughters who will inherit our home when our parents pass away. They have a mortgage on the home and some credit card debt. Would it be wise for us to purchase their home before their death, so their mortgage debt is paid off?
Death, taxes and our fingers are a few things we can count on. As for the former, taxes will be owed, and death is certain.
If you live in California, you likely know it is one of the highest-taxed states when it comes to income taxes. However, there is some good news for those worried about estate taxes. California is part of the 38 states that don’t impose their own estate tax.