it was purchased for $33,000 and is selling for $420,000. In February of this year, she purchased a condo with my husband and I for $410,000. Her name is on the loan but it wasn't on the title. So we did a Quit Claim Deed to put her name on the title. She will be living in the condo by herself... Read more »
There USED to be a rule allowing taxpayers to defer capital gain on the sale of a house by purchasing a more expensive house within two years. That rule was repealed in 1997. So the purchase of the condo makes no difference.
The new rule allows single taxpayers to permanently avoid paying...Read more »
You are asking really good questions. The bottom line is that divorce is one of those events that should trigger an update of your existing estate plan. Schedule an appointment with an estate planning attorney and, in the meantime, be thinking about who you will want to nominate as the guardian...Read more »
My father was in my grandmas will upon her death in 2015. The estate has been sitting with real property. My father passed in December of 2018. I am the executor of his estate. Am I entitled to my father's portion of my grandmother's estate and listed in her will? Or is my father's portion... Read more »
Most likely your father lived long enough for his inheritance to vest in him but the only way to know for certain is to review your grandmother’s will. Whether you inherit from your father and to what extent depends on what his will says or, if he did not have a will, what next of kin survived...Read more »
Probate should be opened within three years after the date of death, but there are exceptions to this rule. The important thing for you to know is if the executor of the will has not opened a probate by now, there is nothing to prevent any other interested party (such as an heir) from opening a...Read more »
He talked about wanting specific items to go to other people after having a falling out with the original recipient. He verbally told people and wrote it down but never got it back to the lawyer to rewrite the will
My grandparents died 5 years ago and had a house out of state that hasn’t sold. It is listed online as “off market” and we still have not received the inheritance from the executor. Do they have a time limit on when this needs to be paid out? It’s been 5 years and it still is not settled.
There is no set time for an estate to be wound up and paid out; it depends on the size of the estate and other factors. The executor (or personal representative) of a last will has a fiduciary responsibility to protect the assets entrusted to them and to insure that everything is done legally so as...Read more »
My mother in-law helped us secure a mortgage for a home we shared with her. The loan is only in her name. We have paid for ever bill in association with the property and loan. Now my father in-law who doesn’t and hasn’t lived with us discovered the equity is in our home is sizable and is... Read more »
My dad passed away June 2018. He had no will, only his name is on the house (which is paid off). My mom lives in the house as she was married to him for 39+ years. My dad had 3 kids prior to marrying my mom, then 4 kids with my mom. All 7 'kids' are over 21 years old. We all agree she will be... Read more »
It is not likely that a probate under these facts will result in a forced sale. But, if the estate is contentious, i.e. someone wants money, your Mother should hire an attorney to assist and defend her.
This is because of a car-pedestrian accident. The injured party needs to hire a PI lawyer, and he isn't well versed in claims and because of the injury, a family member needs to be able to be the contact to assist the lawyer and make medical decisions. Is the dual state a problem?
The first issue is whether the injured party is of sound mind and memory and/or has the capacity to sign a POA. If the injured person hires an attorney, then that attorney would be empowered by the attorney-client contract in most instances to handle most of the issues you raise excepting the...Read more »
My mother in law owned a house jointly with her husband from a second marriage who passed 3 years ago. The house was re-titled into her name and she refinanced the mortgage. If she passes instate, does the house pass equally to her daughters? Or will it go equally to the daughters and to the son of... Read more »
Short Answer: If the son of her deceased husband was never actually adopted by your mother-in-law, then there is a chance that such un-adopted stepchild will not participate in her estate as one of her own children.
Long Answer: If your mother-in-law is the sole owner of the house and she...Read more »
My understanding of Colorado law is that only the last sole survivor of a joint tenancy can be the grantor of property to a beneficiary upon his/her passing. But if one or more original owners quitclaims their portion to others within the original group of joint tenants, does the right of... Read more »
The answer somewhat depends on a variety of factors, such as whether the will intended a class gift (for example, "to all my kids") or was a list of specific devisees (recipients) of the gift. The specific provisions of the will (did it clarify alternative recipient or how to deal with the death of...Read more »
Yes, if your child did not have any estate planning, did not have a spouse, did not have a properly recorded designated beneficiary agreement, and did not have any children, then the intestacy laws would probably put the surviving parents first in line to inherit.
My husband and his lawyer informed me that since we are a blended family, that we need to be financially separated for my husband and I to make our separate wills. This doesn't make sense to me, and has caused so much stress that we are at the point of a full divorce. Thank you for helping!
The trust demanded a promissory note and deed be signed after the purchase of the home. They said to ignore the promissory note and not to worry about the details of the deed (which incorporated the note and referenced it)! We declined / refused as the details were not anything discussed, nor... Read more »
Based on your facts this is likely a spurious lien. You have no obligation to agree to new terms after the gift or loan was delivered. You should contact an attorney to assist you in removing the lien.
I am the sole child. My uncle stands to be beneficiary if I die. He somehow did a court order that created the trust(?) it is outside the norm for the situation. Do I have any recourse to remedy the situation?
If you wanted to challenge something about your uncle's representation of your father's interest as his conservator or something about the trust specifically, you probably want to consult a Colorado attorney (ideally one in the same county where your father and uncle live or where the trust is...Read more »
I was recently made head of my dads will, estate power or attorney etc. His wishes are that his estranged daughters (been absent from his life since 2010). Not be notified of his passing and his will specifically states they are to get nothing. No major assets, Money or property. Just personal... Read more »
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