Mortgages & loans Often when a property is inherited, mortgages and loans will have already been paid off during a lifetime of ownership. However, this isn’t always the case. Occasionally a property will have been left with a mortgage…
Browsing Category
Tax Considerations
Inheriting property from an estate is governed by a legal process. If there is a valid will describing the deceased person’s wishes, this may allow skipping much of the legal actions. If there is no will, the estate will be distributed…
The SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019), aimed at improving people’s retirement security, was signed into law at the end of 2019. Some key changes of the SECURE Act (http://bit.ly/2HwrLfV) affect Individual Retirement…
It is typically a sudden illness or fall that causes us to be faced with helping our parents to sell their home and move to a safer and more comfortable environment. A time when we are least prepared to…
Putting the House in a Trust does not significantly alter the tax ramifications. However a Trust does have a couple of advantages. Avoiding probate is one of them. A Trust is typically settled faster. And the information is a…