Trusts fall into one of two main categories. The first category is composed of those that are established while the grantor (one who establishes the trust) is alive and are termed inter vivos (while living) trusts.
Dealing with the death of a parent is challenging but selling their home can be fraught with land mines, particularly if they die without a will.
There are plenty of aging parents out there making life difficult for their adult children…
You may have a will or a full estate plan that was prepared by an attorney in another state, or perhaps you haven’t yet taken the important step of planning your estate.
Parents are often more than happy to offer financial advice to their children. They like to feel needed and want to make sure you’re on solid financial ground. However, it’s important to turn the tables and ask about their financial plans, too.
Now that you rented your old house to your daughter, that home may be considered a rental home on your federal income tax. You get to treat that as an investment property and can take some of the tax advantages available to investors, including taking depreciation on the home, deducting expenses for the upkeep, as well as deducting real estate taxes and other expenses.
People frequently hear that they should visit their attorney to have their wills and other important legal documents prepared, but many people procrastinate. Therefore, if you’re in that group, do not feel like you’re alone.