People often set up bank accounts or real estate so that they own them jointly with a spouse or other family member. The appeal of joint ownership, specifically with survivorship rights, is that when one owner dies, the other owner(s) will automatically inherit the property without it having to go through probate....
Category: Property
Navigating the Fiscal Year 2025 Greenbook: Key Trust and Estate Tax Proposals
The U.S. Department of the Treasury has released its General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals. Commonly referred to as the Greenbook, this document lays out tax proposals that would support President Biden’s policy priorities if he is reelected to a second term.
A major focus...
What Happens to An Adult Child Living at Home When Their Parents Pass Away?
Today more young adults are living at home with their parents than at any time since the 1940s. While there are many different opinions about this trend and the cause of its recent prevalence, the primary motivation for young adults staying at home with their parents is usually related to finances.
Navigating the Fiscal Year 2025 Greenbook: Key Trust and Estate Tax Proposals
The U.S. Department of the Treasury has released its General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals. Commonly referred to as the Greenbook, this document lays out tax proposals that would support President Biden’s policy priorities if he is reelected to a second term.
A major focus...
Sun, Sand, and Succession: Estate Planning Tips for Your Vacation Property
A vacation property can be one of the most valuable things you can pass down to your loved ones, from both a sentimental and financial standpoint.
However, mixing money and family can be tricky. Without a well-thought-out strategy for the ownership transition, hard feelings and disputes could arise, and...
What Happens to Real Estate With a Mortgage When I Die?
Your mortgage, like the rest of your debt, does not simply disappear when you die. If you leave your home that has an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property but also the outstanding debt. They may have the right to...
Watch Out for Stolen Items in Your Loved One’s Estate
Your family member went through a meticulous estate planning process to organize and distribute money and property for the benefit of their loved ones, including you. But you may suspect that some of the high-value items in their estate originated as stolen property. The possibility of discovering stolen items within an estate...
What Happens to My Leased Car If I Die Before the Lease Term Ends?
After a house, a car is often the second-most valuable piece of property a person owns.
About 15–20 percent of new vehicles are leased rather than purchased and financed. Leasing is a popular alternative to traditional financing because it can allow the lessee (the person who leases a vehicle)...
Beware of Unequal Contributions When Purchasing a House
At a time of record home unaffordability, more people are teaming up with friends and relatives to realize the home ownership dream. According to the National Association of Realtors (NAR), more than 75 percent of homes on the market now are too expensive for middle-income buyers. Just five years ago, this same...
Home Security Systems and Estate Planning
Estate planning helps bring peace of mind and a sense of security, both in our lifetime and beyond. While we cannot predict our fate, we can at least dictate how our money and property will be distributed and ensure that we provide for our loved ones.
Physical security is...