Dobbs, G. RebeccaGaither, Cassandra JohnsonJournal of Rural Social Sciences
Freehold means that you own the property outright. You can buy, sell, trade, and leave the property free and clear to your heirs and there is no worrying about an expiring land lease if your condo building is on the land. Leasehold means that although you can buy a condo within a buil...
The cost basis for heirs is raised to the market value on the previous owner's date of death, reducing future capital gains taxes. Residents of states with community property laws or those with assets in community property trusts qualify for a step-up in basis on community property for the ...
The death benefit of a life insurance policy is usually tax-free.4It may be subject toestate taxes, but that's why wealthy individuals sometimes buy permanent life insurance within a trust. The trust helps them avoid estate taxes and preserve the value of the estate for their heirs. ...
Even if an individual has paid the taxes, paid off their mortgage, and holds full title to the property, a fraudulent or misfiled claim can affect their ability to sell, refinance or convey their home to heirs. The only way to know if a property’s title is clear is to regularly inspec...
including estates and wills. That means that these specialized courts are charged with the administration of estates. This includes determining the validity of a will, appointing an executor to oversee moving the estate through the probate process, and locating intestate heirs if a person dies withou...
The heirs do not have any interest in keeping the property left behind by the deceased relative. The heirs cannot agree on who gets what so a court has ordered the liquidation of remaining assets. The will of the deceased may have asked for an estate sale to take place. ...
The Rental Property Is Inherited Heirs who have inherited investment properties may have a hard time maintaining them, especially if they have no knowledge of running such a business. Instead of dealing withtenants, repairs, taxes, and possibly mortgage payments, selling the inherited property is a...
no longer need the funds, or perhaps you want to leave your house to your heirs without the financial burden of having to pay off the loan. It’s also possible someone who is not on the loan has moved in and you don’t want them to get kicked out if you leave the property or ...
How to Plan for Asset Protection You can plan forasset protectionin several ways. The key is to create as many obstacles as possible for creditors before they can legally claim rights to your property. Here are several ways to protect your assets. ...