ADDITIONAL INFORMATION: I don’t want the responsibility that my mother has written in trust. The trust give me power to evict my brother from her home if he doesn’t do repairs.
ADDITIONAL INFORMATION: Mom put her home in living trust that became irrevocable after she died. Title changed to reflect successor trustees, but still in name of Trust. Can we refinance?
Are your parents adequately prepared for retirement? If not, are you planning to help them out? In many families, one or more adult children will step up to help Mom and Dad when they can no longer safely take care of themselves. That could mean time away from your family and job or pitching in financially to cover a variety of expenses.
At any age, the death of a parent is a difficult experience. But these days more adult children are dealing with an added stressor: the realization that Mom or Dad died with debt. In the past decade, there’s been a steep increase in debt among senior households. According to a report from the Employee Benefit Research Institute, half (49.8 percent) of families age 75 and older have debt, averaging $36,757. Most senior debt is tied to
Lower income tax rates make this an attractive time to convert your traditional IRA into a Roth IRA. By converting, you’ll pay taxes on those funds now instead of at some future (likely higher) rate. The main hurdle will be paying taxes owed. If you convert $50,000 from a traditional IRA to a Roth, your taxable income will increase by $50,000. If you’re in the 24% tax bracket, that amounts to $12,000 in taxes owed. That
Artists and their families have unique needs when it comes to estate planning. Be aware of the following strategies to protect the value of an artist’s work during and after his or her lifetime: Copyright eligibility. The first step is understanding what constitutes a copyrightable work. Protection is available to original works that are either written or otherwise recorded, including literary, musical, artistic and certain other intellectual works. These categories are to be interpreted broadly and can
Today, 77 percent of Americans go online every day, according to a recent Pew Research Center survey, and most of us maintain at least some kind of digital data in the cloud. We save emails, post to social media, and store photos in online albums. All of this digital information has created a new issue for you, your heirs, and the technology firms that hold your assets. The key concern is maintaining your privacy and security
ADDITIONAL INFORMATION: My grandmother bought a house and put it in my name. However, the title is in her name. She is now deceased. Trying to figure out if the house is mine or if it passes on to her (adult) children if no will. ANSWER BY MARGARET CROSS-BELIVEAU: The term title is synonymous with the deed. Do you have an unrecorded deed so that the last one is not on record at the Registry of
ADDITIONAL INFORMATION: My sister had durable poa 6 hours before my moms death. She went to bank withdrew the pod account that my mom wanted me to have. I have original pod account paperwork that I was sole beneficiary and have in writing that in case she died I could go to bank with death certificate and get that account!!
ADDITIONAL INFORMATION: I understand, if I convert a rental property into a primary residence for two years, I can save a lot on taxes at time of sale. What evidence does IRS require to substantiate this property has been converted to primary residence for a two year period?
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