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HOME/PROPERTY OWNERSHIP

The More You Know: Reverse Mortgages & Estate Planning

By |2019-06-05T09:52:12+00:00May 21st, 2019|Categories: ESTATE PLANNING, HOME/PROPERTY OWNERSHIP, RETIREMENT|Tags: , , |

You have likely seen several advertisements for reverse mortgages if you have spent any time watching television or surfing on the internet. The concept and sell is a simple one: as long as you own and live in your home, you can supplement your retirement income with a loan that you do not need to pay off. The trade-off when it comes to a reverse mortgage is that you are using your home’s equity to receive that extra retirement income. Even if a reverse mortgage is right for your circumstances, entering into a reverse mortgage is something that should be [...]

PARENTAL WARNING: IF YOU OWN YOUR PROPERTY THIS WAY, YOU MAY ACCIDENTALLY DISINHERIT YOUR OWN CHILDREN

By |2019-06-05T10:04:28+00:00March 8th, 2019|Categories: ESTATE PLANNING, HOME/PROPERTY OWNERSHIP|Tags: , , , , , |

Owning property as Joint Tenants with Right of Survivorship is easy, common, and often disastrous.  Sadly, children – both minor and adult – are often disinherited. While there are several forms of joint ownership, the one most people use (and the one considered in this discussion) is called “Joint Ownership with Right of Survivorship.” When one owner dies, the jointly owned asset automatically, by operation of law, transfers to the surviving owner. Joint ownership is a very common way for married people to own their assets. Joint ownership is also commonly used by aging parents and their adult children. Joint [...]

3 TIPS FOR EVERY NEW HOMEOWNER

By |2019-06-06T13:08:17+00:00August 23rd, 2018|Categories: ESTATE PLANNING, HOME/PROPERTY OWNERSHIP|Tags: , , |

Congratulations on the purchase of your new home.  Whether this is your first home or an upgrade/downsize, the purchasing of a home is a big event in your life.  When these major life changes occur, it is important that you are properly prepared. Below are a few things for you to consider now that you finally have the keys to your new home! Update Your Address Now that you are in your new home, it is very important that you update your address with the appropriate entities.  Your local United States Postal Office will have a form you can fill [...]

ONE CALL YOU MUST MAKE AFTER YOU BUY A HOME (THAT YOU’VE PROBABLY FORGOTTEN)

By |2019-06-06T13:17:28+00:00August 23rd, 2018|Categories: ESTATE PLANNING, HOME/PROPERTY OWNERSHIP|Tags: , , , |

During the home buying process, you worked with a lot of individuals: your realtor, the seller’s realtor, the title company, the loan officer, and the home inspector.  Now that you have finalized the purchase of your house, there is one more expert you need to call: your estate planning attorney. Aligning Your Ownership with Existing Estate Planning First, your attorney can help you review the new documents associated with your home purchase in conjunction with your existing estate plan to ensure that everything aligns and works towards your overall estate planning objectives. If your existing estate plans include a trust [...]

JOINT TENANCY PITFALLS: THE ‘SIMPLE’ FIX THAT CAN LEAVE YOUR FAMILY BROKE

By |2019-06-06T13:29:34+00:00August 23rd, 2018|Categories: ESTATE PLANNING, HOME/PROPERTY OWNERSHIP|Tags: |

There are many ways to own your assets. When you die, it is only natural that you want your family to share in the bounty of your hard work. As a way to simplify the transfer process and avoid probate, you may be tempted to add a child or other relative to the deed or bank account utilizing the ownership type of joint tenancy with right of survivorship (JTwROS).  However, while this type of ownership delivers a lot of potential benefits, it may also be masking some dangerous pitfalls. Under JTwROS, when one owner dies, the other owner(s) inherit the [...]