My Grandparents made their Living Trust in 1993. In 1995 my Grandmother passes away , in 1998 my Grandfather makes some changes to Trust as a survivor and his Trust is known as Trust B while my Grandma’s is known as decedent Trust “A”. My Grandfather passed away in 2007. Trust A instructs... Read more »
I want to house hack (buy a property, live in it, rent out the other rooms to pay expenses, cash flow, live for free, etc.) But living in soCal I can't do that yet. So, I was thinking what if I find a 3bd condo, find 2 roommates, furnish the shared spaces with my furniture, bring my Wi-fi... Read more »
The enterprise you are suggesting is a sublease. It is done on different scales from residential real estate, to large retail establishments. I suggest you find a model residential sublease or two on the internet, and read through the legalese, while keeping in mind that every problem the sublease...Read more »
I own an undeveloped lot in Tulare, CA. and the people who own the lot next to it have wanted to purchase mine for awhile. I have finally decided to sell it because my husband and I have found a lovely house with plenty of acreage in Wisconsin. I have talked with the other lot's owners, quoted... Read more »
My Landlord wants to sell the home Im renting from her. The real estate investor who is interested in buying the home first served me with a 30 day notice to "voluntarily" vacate the home. 2 months later the investor interested in buying the home filed an unlawful detainer with the court... Read more »
Reading through your lease may partially illuminate your options.
This posting does not create an attorney-client relationship. The information presented here is general in nature and is not intended, nor should be construed as legal advice for any particular case or client. For specific...Read more »
The property was purchased in the early 80's. My parents out us kids on the deed(?) so we all owned it. My mom died in 1989. My dad died in 2003. My step sister says the land us her moms and my dad wanted me to sign a quit claim. I know that's a lie.
My mother recently passed away and I am her sole beneficiary in a revocable trust (which is now an irrevocable trust on her passing). The trust contains two CDs and an annuity. When the trust was made, the lawyer that made it advised me to close these accounts and re-open them in accounts in my... Read more »
Father-in-law is Bill. His 1st wife is Mary. They had a trust that owned 20 rental homes. Beneficiaries were 3 kids. About a year after Mary died, Bill remarried. Ten yrs later, Bill and second wife Joyce created a trust. At that time, 10 rentals were put in a "B" trust (Mary's... Read more »
My home is considered separate because it was gifted, but if I sell this and buy a new home while still married, will the new home still be separate property or would it now be considered community property? I live in California.
I suggest you contact an attorney before you sell your house, or transfer the proceeds of a sale into a bank account. In general, separate property that is commingled with another person, such as money in a joint bank account, may not be considered as separate property after it is commingled,...Read more »
30 years ago we bought a house with my Father and mother in law. The verbal agreement was that they would provide the down payment and we would make the payments and pay for the utilities and take care of my mother in law when my father in law passed. The house is held as Joint tenants and my... Read more »
If there are no testamentary documents such as a will or trust, you will need to have an attorney file for probate in the appropriate court. The probate court will determine who will inherit the property.
This posting does not create any attorney-client relationship. The information...Read more »
The lease states: “if the property is sold during the term of the lease the lease shall terminate and the lessee shall be entitled to the sum of $5000 per year for all years remaining on the lease as liquidated damages.”
If I buy the property before the lease is over does the trust owe... Read more »
It is not required in California to have a real estate attorney, but given that the seller already has a buyer, i.e. one co-owner is selling their share to the other co-owner, would it possibly be cheaper to have a real estate attorney draw up documents instead of a real estate agent?
Example: My friend's dad's car was solely owned in his name, and no beneficiary was designated in the title, but the friend is a beneficiary in his will. However for small estates the gross value has to be below $166,250, yet cars are excluded from determining the value for this kind of... Read more »
I should refinance both properties now because I can save money with the low interest rates on mortgages. One lender suggested that I consolidate the two loans and pay-off the loan on my future rental property. But I wonder if I will benefit more (because of the tax benefits) if I maintain the loan... Read more »
I suggest you build a good spreadsheet and analyze and compare individual scenarios as they arise.
Jonathan Purcell is a California Attorney. This posting does not create any attorney-client relationship. The information presented here is general in nature and is not intended nor should be...Read more »
If you buy an asset for less than the fair market value, the seller should file a gift tax return. Unless your Mother dies with a combined estate and lifetime gift that exceeds approximately $11,000,000 (or the exemption amount in effect at the time of her death), there should be no estate tax...Read more »
Is it legal for me to collect the rent and is it legal for the trustee successor to take that rent away from me and put it in a trust account until it's in my name... I have been collecting rent for the past year the trustee successor is wanting to step in now and take over and hire a property... Read more »
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