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In Tennessee, I want to create a life trust where I, as the mother, remain the tenant of the property until my death, at which point my daughter, the beneficiary/remainderman, takes possession. My goal is to avoid probate. There are no liens on the property. One deceased son, who is the brother to... View More 
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answered on Apr 22, 2025
The BEST solution is a deed to a trust, either revocable or irrevocable (choice depends on other goals and concerns). With a trust you can (a) avoid probate, (b) preserve step up in basis at death to save on taxes for your daughter, and (c) protect you from your daughter's creditors during... View More
Can my mother purchase a house in Maryland using cash for about $1 million, with the title/deed only in my name as a gift? We plan to file a gift tax return for 2025 given the amount exceeds the annual limit, but we don't anticipate actual taxes due because she'll remain under the... View More
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answered on Apr 22, 2025
You can also avoid probate using a trust, which is a better solution. Your mother should consult with an attorney about the adverse consequences to her of the outright gift method if she ever needs to go into a nursing home. You should consult an attorney regarding the adverse tax consequences to... View More
My father passed away on October 30, 2024. He was a resident of Osceola County, FL, and owned a home in Bledsoe County, TN. He left a will, and I went through the probate process in Florida, where I was appointed the personal representative as per the will. I have Orders and Letters of... View More
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answered on Apr 19, 2025
You can file a full ancillary probate if you would like , but most often that is not necessary. An easier way is to file and record an exemplified copy of the will.
I have been living in a property for 17 years, and my landlord promised me verbally that I would inherit it after his death. He has since passed away, and the property is now in probate without any written document. I have a witness to his promise, have not paid rent for the past month, and was... View More
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answered on Apr 15, 2025
I hate to be the bearer of bad news but you probably do not have a leg to stand on. Oral wills pertaining to real estate are not enforceable. And if he had no will at all, then the heirs are nearest blood relatives, not tenants. Sorry. You also probably cannot make a claim due to adverse... View More
My father had a revocable trust in California, which specifies that my siblings and I are to split the proceeds from the sale of his house evenly. I have been named as the trustee in the trust document. After obtaining the death certificate, can I use a document processing service to file the... View More
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answered on Apr 11, 2025
An affidavit of death will not accomplish your goal. You need to record an updated certification of trust explaining that the former trustee has passed and you are now the trustee. It needs to be in recordable form of course and might also include the legal description and parcel number of the... View More
My parents passed away 5 years ago and owned a home in Riverside County, CA. My sister moved into the home, and I assumed they left it to her. Recently, my brother presented me with a signed and notarized document stating the home was left to me. After this, my sister moved out, and I moved in.... View More
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answered on Apr 10, 2025
There is no easy answer to your predicament. The classic solution is to obtain a new loan to pay the taxes, but you will not be able to do that without title to the property. To obtain title you will need the help of a probate attorney. You might try calling your local legal aid society to see if... View More
My parents both passed away and they had credit card debt, but there are no assets, estate, or will. I am not a joint account holder on any of their credit card accounts, and I have not received any requests from creditors yet. They lived in Kansas at the time of their passing. Do I have any... View More
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answered on Apr 10, 2025
You have no obligation to pay your parents’ credit card bills. Resist their attempts to convince you otherwise. If credit card companies want to be paid they must open a probate case then present their claims and then get paid out of estate assets. But first they will research whether there are... View More
I inherited a house along with my siblings, and we're all listed on the deed. My oldest brother, the executor, obtained a signed POA for the sale because two of us live out of state. He claims we need to pay for expenses like a dumpster rental, but initially, there were no debts mentioned.... View More
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answered on Apr 8, 2025
Yes, of course your brother can deduct expenses of fix up and repair and sale before distributing sale proceeds. It would be highly inequitable for you to reap the benefit of those things without bearing any of the burden.
I am a co-beneficiary of an estate, and the executrix, who is also a co-beneficiary, is being granted real property from the estate. All co-beneficiaries are in agreement with this transfer. Do all co-beneficiaries need to sign a quit claim deed for the property to be transferred to the executrix?
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answered on Apr 8, 2025
Your narrative does not contain enough information to enable an attorney to answer your question. Has a probate case been opened? Has the executor actually been APPOINTED to that role by the probate court? Is the estate solvent? How much time has elapsed from date of death? Who/what is... View More
I have a comprehensive will in Tennessee where all assets are to be sold and the proceeds split evenly among the heirs. The will and all assets are located in Tennessee. The executor is prepared to handle distribution, and there are no debts or taxes to consider. There are also no disputes among... View More
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answered on Apr 7, 2025
Yes, probate is required as you will quickly discover when you try to gain access to motor vehicles, bank accounts and other financial assets and, sometimes, real estate. I suppose if there are no such assets, only personal property, you could get away with just selling things and splitting up... View More
In California, my deceased parent left no will and had an outstanding mortgage on their home, which was their only major asset. There were also some outstanding debts, but no creditors have contacted me yet. I am the only surviving family member and no legal proceedings concerning the estate have... View More
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answered on Apr 3, 2025
If the unsecured creditors fail to open a probate and file claims within one year after date of death, those debts evaporate.
However, the mortgage debt continues as a lien against the real property. If the mortgage is not paid as agreed every month the lender may foreclose.
I am looking to add myself to a property deed in Fresno, California, alongside my mother. The deed also includes my late father, who passed away in 1997 without a will. We have not consulted any legal or real estate professionals about this, and my mother's other adult children are not... View More
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answered on Mar 26, 2025
If your father's name is still on the title, then you need to hire a probate attorney to help you get your father's name removed from the title. The process does depend on exactly how title is held. It could be something as simple as an affidavit filed in the land records, or it might... View More
What do I need to put in place to ensure my wife can continue to run our company business if I die? I am currently a sole proprietor contractor with no will yet, although I plan to have one soon. My wife already has power of attorney.
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answered on Mar 18, 2025
As a sole proprietor, all of your business assets are your assets. There is no separate entity. At a minimum you need a will that leaves your business assets (or everything you own, if that is your desire) to your wife when you die. But you should seriously consider creating a revocable living... View More
My mother passed away in November 2023, and her will specified that her house would be split 50/50 between my sister and me. As she did not have a living trust, we went through the probate process and sold the house in September 2024. The probate process is not officially closed because the final... View More
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answered on Mar 16, 2025
If the estate sold the house then the sale is reported on the 2024 estate tax return.
If you and your sister sold the house then the sale is reported on your 2024 income tax return and her 2024 income tax return.
I would like to ensure that my wife can take over our home mortgage if I die unexpectedly. She is not currently a co-signor or co-owner of the property, and we do not have an estate plan in place yet. I have a life insurance policy that could help cover the mortgage. What steps should I take?
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answered on Mar 16, 2025
Under federal law, when a home loan borrower dies and the house is inherited by a family member, such as a spouse, the lender may not call a loan due or force the family member to assume the loan. All your wife will need to do is notify the lender that you have passed and that she has inherited... View More
I own 25% of an industrial property, which I inherited in 2017 after my mother's passing. The property was initially purchased by my parents through a 1031 Exchange before their divorce and before I received my share. An appraisal was conducted in 2023 when my father refinanced the property.... View More
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answered on Mar 13, 2025
If the property was included in your father’s taxable estate when he died, which is likely, then its basis is now date of death value. If you sell you would only need to pay taxes on the appreciation since date of death.
I am doing estate planning and want to know if certificates of deposit are considered tangible property. Specifically, can I designate these CDs to go to a specific person in my estate?
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answered on Mar 13, 2025
CDs are not tangible personal property so you cannot use a personal property memorandum to designate who should receive them. Instead you would make a specific distribution of them in your will or trust.
I jointly owned a home in California with someone who has passed away. I was notified six weeks after their death. Although I did not live in the home, I discovered someone moved in and caused damage to the property. The insurance adjuster confirmed that repairs are covered, and a check will be... View More
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answered on Feb 21, 2025
A probate attorney can first review the deed to determine whether you are now the sole owner of the home or a co-owner with the decedent’s estate. If you are a co-owner then a probate can be opened to get that share transferred to the decedent’s heirs. If no heirs come forward to run the... View More
I inherited a property on January 31st, 2024, and sold it on November 22nd, 2024, for $176,000. I made no significant improvements to the property, and I'm unsure if the buyer did. I didn't have an appraisal or receive professional advice on capital gains. How do I determine the capital... View More
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answered on Feb 15, 2025
You need SOMETHING to show to the IRS, in case you are audited, proving the value on the date of death. It could be a formal appraisal, but for something like this you might get away with a simple broker's opinion of value. But the more time that goes by the harder it will be to create this.... View More
Will we also benefit from the single $250,000 capital gains exemption. His trust was a grantor , Medicaid asset protection trust and considered part of his estate at death. He lived in the house for 45 years and died in it as well. He maintained some control of the trust with limited power of... View More
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answered on Feb 12, 2025
It is common for the grantor of a Medicaid Asset Protection Trust (MAPT) to retain just enough controls to trigger estate inclusion at the death of the grantor and, therefore, to cause the assets in the MAPT to obtain a step up in basis at the death of the grantor.
If a residence is owned... View More
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