Real estate can be owned in several different ways. The form of ownership, or how your property is titled, can determine how much control you have over it, how vulnerable your property is to creditor claims and lawsuits, and what will happen to it at your death.
Individual Ownership
Your real estate encompasses not only your primary residence but also any vacation homes, rental properties, or even vacant land you may own. The ideal form of ownership varies depending on the type of property and your individual circumstances.
Your Primary Residence
How you own your...
Estate planning can be complicated enough when all your assets (accounts and property) and loved ones are located within one country. But for US residents with international connections, whether through property, citizenship, residency, business interests, or loved ones living abroad, it can become significantly more complex.
Different countries have...
The term homestead may seem like a throwback to pioneer days, but homestead exemption laws are directly relevant to today’s estate planning and can play a valuable role in a modern plan.
Almost every state has some form of homestead exemption law primarily focused on reducing property taxes and...
Creating an estate plan is a huge accomplishment. However, your work is not done when the documents have been signed. You must still ensure that the chosen strategy gives you peace of mind and protects the legacy you have worked so hard to build.
An estate plan is not...
Your home is likely one of the most valuable assets you own, if not the most valuable.
Calling it an asset can sound cold. A home is far more than an assortment of materials and possessions. It is also a place to live, gather, create life stories, and share...
Do you own your home, other property, or a financial account with someone else, such as a spouse or an adult child? If so, you might be surprised to learn that a common way of owning property could cause problems for your loved ones in the future.
While there...
The United States is in the midst of the largest generational wealth transfer in history. Over the next few decades, baby boomers are expected to pass down an estimated $84 trillion in money and property,[1] around $18–19 trillion of it related to residential real estate.[2]
The bad news: When a person dies owning property in their sole name without a beneficiary, their loved ones will have to go through a court-supervised process called probate to transfer the property out of the deceased person’s name and into the name of intended beneficiaries or heirs at law. Going through...
Imagine the following scenario: You have been living in a house for years. As your mother’s sole heir, you inherited it from her when she passed away. You pay the taxes and insurance. You make the repairs and mow the lawn. You call it home, and everyone in the family calls it...
