Her house is almost paid off and it is the only inheritance I have. She wants to make sure I get the house, but I don’t know what’s better - a quitclaim deed or have my mom sell the house to me for a minimal amount.
Neither is a good idea. The first reason is quitclaim deed is just a method of transfer of real property - it alone does not trigger a tax savings technique. Sale of the residence for a minimal amount will trigger a gift subject to gift tax reporting for any value sold for less than the FMV...Read more »
I live in an owned joint tenancy. One of the owners made a living trust. Does the living trust destroy joint tenancy if that person dies, or does survivorship still apply to the other person on the deed?
A joint tenant creating as revocable living trust along does not destroy a joint tenancy. What destroys the joint tenancy is a joint tenancy drafting a deed removing his/her interest as a joint tenant. So the action of joint tenant signing a deed (s/he along can sign) conveying a her/his interest...Read more »
I was told not to come to hearing unless i objected to the sale. I thought the house was to be sold to me so i didnt go. The house was sold to some one else. I had no representation at hearing to counter offer any offers at that time. I have signed contract, sent earnst money which was cashed then... Read more »
Sale of real property through the probate process subject to court confirmation is ALWAYS subject to overbid in the in-court auction. Your signed contract, despite the estate accepting your offer, is still considered an "offer"...Read more »
The second my dad died, my aunt started asking about a will. My mom, my dads accountant and my aunt agreed to meet in the morning and go through my dad's office together. The next day at 7am my aunt was already at the office tearing it apart in search of a will.
First, I assume you are posting the question on behalf of your mother, because otherwise you do not have standing in this matter. Next Nevada has a pretermitted spouse statute that essentially says will created before marriage, and a...Read more »
My sister passed away in Reno late June. She was divorced 18 years ago & ex is now deceased , no children, no will & a very small estate. Her bank account is less than $5,000, no safe deposit box, no real estate (she lived in an apartment with no valuables) & credit card debt of about... Read more »
The Affidavit of Small Estates should work. First, you do not file the Affidavit of Entitlement. You, not your wife, should create the Affidavit of Entitlement and present the same to the applicable bank along with a certified copy of the death certificate and identification. The bank should...Read more »
Can she have the trust changed - only to specify that if she passes before distribution of assets of the trust, for her percent to go to her daughter? At current the trust states any departed beneficiaries percent is to be split amongst the remaining siblings. She is trying to prepare her own... Read more »
When you say trying to prepare her own trust, is she working with an estate planning attorney? If she is ill and near death, this is not the time to be DIYing. She has more important things to worry about like spending time with family, seeing friends, and doing what she whats to do to the extent...Read more »
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