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2 Answers | Asked in Tax Law and Estate Planning for Florida on
Q: My mother wants to gift/sell a home for half the value. Is she able to gift this without any tax implications?

My mother inherited our grandmother's house and wants to gift the home for half the value of the home. Is she able to do this without incurring some sort of large tax burden the following year?

Phillip William Gunthert
Phillip William Gunthert
answered on Feb 11, 2025

Generally, it is better to inherit a home via estate planning and or a proper deed (enhanced life estate deed, ladybird deed) as you will get a stepped-up basis for the value of the home at or near the date of death. If the asset is gifted then a gift tax form will need to be completed and sent to... View More

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2 Answers | Asked in Tax Law and Estate Planning for Florida on
Q: My mother wants to gift/sell a home for half the value. Is she able to gift this without any tax implications?

My mother inherited our grandmother's house and wants to gift the home for half the value of the home. Is she able to do this without incurring some sort of large tax burden the following year?

Anwar Elias Hadeed
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answered on Feb 11, 2025

An Enhanced Life Estate Deed (Lady Bird Deed) or a Revocable Trust can help your mother transfer the home efficiently while avoiding probate and minimizing tax consequences.

Lady Bird Deed

This allows your mother to:

Retain full control of the home during her lifetime....
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3 Answers | Asked in Landlord - Tenant, Real Estate Law, Tax Law and Estate Planning for Virginia on
Q: If I want to buy a property in Virginia to rent out, do I need a Virginia LLC or am I ok with a Wyoming or Delaware LLC?
Ross Cameron Hart
Ross Cameron Hart
answered on Feb 11, 2025

Mr. Sternberg is correct - you have three choices: 1) own it in your own name; 2) own it in your Wyoming LLC AND register that LLC in Virginia (for about the same cost as forming one) or 3) form a Virginia LLC and own it with that.

Some gratuitous advice: many years ago a real estate...
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3 Answers | Asked in Landlord - Tenant, Real Estate Law, Tax Law and Estate Planning for Virginia on
Q: If I want to buy a property in Virginia to rent out, do I need a Virginia LLC or am I ok with a Wyoming or Delaware LLC?
Richard Sternberg
Richard Sternberg
answered on Feb 10, 2025

If you open a foreign LLC to do business in Virginia by owning and renting property in the state, you will need to register the foreign corporation or LLC in Virginia. You will not be exempt from Virginia sales or other taxes on the Virginia income. So, you will pay corporate franchise tax in both... View More

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3 Answers | Asked in Landlord - Tenant, Real Estate Law, Tax Law and Estate Planning for Virginia on
Q: If I want to buy a property in Virginia to rent out, do I need a Virginia LLC or am I ok with a Wyoming or Delaware LLC?
Dominic Paul Lascara
Dominic Paul Lascara
answered on Feb 11, 2025

If you don't already have an LLC to work with and you are only interested in buying and renting or flipping property in Virginia, a Virginia limited liability company should be all that you need to protect yourself. If you formed an LLC in another state for whatever reason, you would still... View More

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1 Answer | Asked in Estate Planning for California on
Q: See below

My husband and I have lived with my mother for 15 years. we pay all iof the household bills. The house is in a trust in my and my sister's name. When my mom dies, we both want to sell the house. While my husband and I look for a place to live, we plan on living in the house and paying all of... View More

Julie King
Julie King
answered on Feb 10, 2025

You didn't say if your half of the home is in your trust and the other half in your sister's trust (which is the most common way to do it if you already own the property) or if the property is in your parent's trust but your sister and you are named as beneficiaries of the property... View More

2 Answers | Asked in Estate Planning, Real Estate Law and Tax Law for New York on
Q: How to fill New York State form IT2663 for title transfer into revocable living trust for foreigner.

I am a non-US citizen. I own a condo in NYC which is not my primary residence. I want to transfer this condo into my revocable living trust (domestic). My attorney filled out form TP584 as a conveyance without consideration. Therefore, no transfer tax is due. At the end of this form, it states that... View More

Marco Caviglia
Marco Caviglia
answered on Feb 7, 2025

A revocable trust's assets are still your tax responsiblity, e.g. property taxes, because it is revocable. The form you are filing suggests you are getting income from the property and that is taxable. If you have no confidence in your atorney, you should obtain another one. Do so or take... View More

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2 Answers | Asked in Real Estate Law and Estate Planning for Florida on
Q: Bought house me as borrower mom coborrower what happens to property if one out live the other both no will
Phillip William Gunthert
Phillip William Gunthert
answered on Feb 7, 2025

I would encourage you to have the current deed reviewed, based on how the deed is held it may transfer upon death (review needed). In addition, I would encourage you to consider having a proper estate planning done with respect to a Will and or other documents as well as a Deed with survivorship... View More

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2 Answers | Asked in Real Estate Law and Estate Planning for Florida on
Q: Bought house me as borrower mom coborrower what happens to property if one out live the other both no will
Anwar Elias Hadeed
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answered on Feb 7, 2025

If you and your mother bought a house together and both names are on the mortgage, what happens to the property when one of you passes away depends on how the title (ownership) was set up. Since there is no will, the way the property is titled will determine the next steps:

Joint Tenancy...
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1 Answer | Asked in Estate Planning for Arizona on
Q: in the state of Arizona can a conservatorship be set up as temporary rather than permanent when a minor is 16 1/2 years

And receiving a one time insurance settlement? It seems illogical to set up a permanent conservatorship for 18 months worth of time.

David Gerszewski
David Gerszewski
answered on Feb 7, 2025

Generally speaking, in Arizona, a temporary conservatorship or a trust can be set up instead of a permanent conservatorship for a minor receiving a one-time insurance settlement. Since the minor is 16 ½, a permanent conservatorship for just 18 months may be unnecessary.

Alternative...
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1 Answer | Asked in Estate Planning for Texas on
Q: My mother died, my sister rents a room in her house, can my sister prevent me from entering the house? Will be probated.

Not filed probate yet, not will, surviving spouse with dementia in a nursing home. I am still organizing our mother's affairs. I have a key and have always been free to come and go freely. But since our mother's death, my sister is telling me to stay away. She's trying to steal our mother's home.

John Michael Frick
John Michael Frick
answered on Feb 6, 2025

you should file for probate immediately. If and when you are appointed the personal representative of your mother's estate, you will have the right to enter the house. Until then, any permission (or even a written power of attorney) given to you by your mother died with her.

1 Answer | Asked in Estate Planning and Probate for Texas on
Q: Can a normal inheritance be challenged in Texas?

In Texas, if one of a few heirs/next of kin, was sole caretaker/power of attorney/POD on one’s bank account/only person to care for person who now has passed, and there’s several credible witnesses, is there a way to fight the normal entitled heirship owed to other heirs? All that’s involved... View More

John Michael Frick
John Michael Frick
answered on Feb 6, 2025

It depends on the quality and character of the evidence. Ordinarily, an agent under a POA can sign a deed on behalf of the principal, but it is highly suspicious if the agent himself is the grantee under the deed.

You would need credible evidence that the grantor-principal was absolutely...
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2 Answers | Asked in Estate Planning, Family Law and Probate for California on
Q: I'm just looking to see if ever had a trust or inhearitance from my father I was never notified

it would be from 1996 or 97

Julie King
Julie King
answered on Feb 4, 2025

There is no way to know if you were entitled to an inheritance if your relative had a trust because trusts are not filed anywhere unless there is a claim brought, in which case there would be a Petition (think, "lawsuit") filed with the local Probate Court. Wills, however, are supposed to... View More

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2 Answers | Asked in Estate Planning and Real Estate Law for California on
Q: Do both co-owners of a house have to sign the form for a homestead declaration in California?

Do both co-owners of a house have to sign the form for a homestead declaration in California?

Phillip Todd Zagotti
Phillip Todd Zagotti
answered on Feb 3, 2025

Both co-owners do not necessarily have to sign the homestead declaration.

If the co-owner is a spouse, only one spouse needs to sign.

If the co-owner is unrelated, you can protect your interest in the home as long as it is your primary residence.

In this case, you will...
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2 Answers | Asked in Estate Planning for Maryland on
Q: What is the administrator of an Estate allowed for compensation by law?
Cedulie Renee Laumann
Cedulie Renee Laumann
answered on Feb 3, 2025

Commission must be approved by the court (or consented to by all heirs) before being paid out but Maryland law sets reasonable compensation as 3.6% of the probate assets over $20,000 (a different percentage applies to the first $20k).

Note that a commission is viewed as income for work...
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2 Answers | Asked in Estate Planning for Maryland on
Q: What is the administrator of an Estate allowed for compensation by law?
Mark Oakley
Mark Oakley
answered on Feb 3, 2025

Compensation for either a Personal Representative (a/k/a “executor”) and a “Special Administrator” of an estate is capped by statute, but the amount actually approved by the court is based on a “reasonable” standard. The only time there is a special administrator is when there is no... View More

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3 Answers | Asked in Estate Planning, Foreclosure and Real Estate Law for California on
Q: I’m the primary beneficiary and executor of a living trust, I was left a house with a mortgage that I am not

The mortgage is over a hundred thousand dollars, I am not on the mortgage and I don’t qualify for a loan and neither does any of my family members, is there any hope of saving the house or must it be sold?

Nina Whitehurst
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answered on Feb 2, 2025

As long as you keep making the payments on time the lender cannot foreclose or call the loan due. You also are not obligated to assume the loan. This is federal law that applies if you are a family member of the deceased. If you were not related to the deceased then you might consider selling the... View More

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3 Answers | Asked in Estate Planning, Foreclosure and Real Estate Law for California on
Q: I’m the primary beneficiary and executor of a living trust, I was left a house with a mortgage that I am not

The mortgage is over a hundred thousand dollars, I am not on the mortgage and I don’t qualify for a loan and neither does any of my family members, is there any hope of saving the house or must it be sold?

Julie King
Julie King
answered on Feb 2, 2025

More information is needed to properly answer your question. One thing to note is that all debts and taxes must be paid before real estate may be distributed to the beneficiary (assuming the real estate was solely in the deceased person’s name.) So, if someone passed away and left only $10,000 in... View More

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1 Answer | Asked in Estate Planning, Real Estate Law and Tax Law for Colorado on
Q: Hello. My husband and I have a 5 acre property zoned RR-5 on county land. We'd like to gift 1/2 the property to our son.

We would like to gift 2.5 acres (undeveloped) of our 5 acre lot (which has our home and a large shop on it) to our son and his wife. Right now we are zoned RR-5; we know we will have to go to the county (it is on county land) to try to rezone. We wonder how gifting 1/2 the property might impact our... View More

Anthony M. Avery
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answered on Feb 1, 2025

Most mortgages/deeds of trust have a due on sale clause, so you cannot deed it to anyone without the lender's consent. His tax basis is the same as yours if you deed it now while your living, but he gets a stepped up basis at your death as an heir. Hire a CO attorney to advise.

2 Answers | Asked in Estate Planning and Real Estate Law for California on
Q: We are the adult children and beneficiaries of an AB trust in California.

Our deceased parents (died in 2015) California house is still in that trust and qualifies for Proposition 13 taxes rates. What happens to the property tax rates if we rent out the house, still owned by the trust?

Julie King
Julie King
answered on Jan 31, 2025

Everyone who buys real estate in qualifies for Proposition 13. There have been attacks on Prop. 13 ever since it was passed including a false claim that Prop. 13 only applies to people who bought homes in the 1970’s. That is NOT accurate. Everyone who buys real estate in California qualifies.... View More

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