my sister is trying to talk my mom into putting the estate in to her name solely. If it is solely my sister name, and anything was to happen to her, she wants it to go it to her husband . I am very concerned
As you can see by the responses of my colleagues, you hit a nerve. This subject is very often the basis for long and expensive court battles after someone dies. If your mother wants to avoid that, she needs to be clear now what she wants.
Your sister is trying to get your Mom to disinherit you. Now is the time to fight it. After your Mom becomes disabled or dies, it will be too late and too expensive.
My brother and my wife are co-owners of a house. Their names are the only names on the mortgage, or the deed. A year and a half ago, my brother and his wife divorced. If the home is sold, are they required to give his ex-wife a cut of the proceeds...
In Oregon, as soon as a divorce is filed, both spouses have rights in all of their property. If the divorce is final, there is a Decree or Judgment of Divorce (often including a Settlement Agreement between the parties) that sets out who owns what.
As my colleague stated above, he needs to get a copy of the Divorce Decree and see what it says about the TIC property.
this is really more of divorce question than a real estate one.
I wish to possibly gift my kids $100.000 for a house, but concerned about the tax effect.
There is no gift tax on gifts of under $5.4 million of cash. There is no Oregon state gift tax. The federal exemption is $5.4 million.
There is an obligation to file a federal gift tax return. It is only a report of the gift and no tax is due.
If you wanted to give property other than cash, there could be an income tax effect.
I have a real estate photography business that sub contracts 4-10 photographers to shoot for various realtors. I need a terms and conditions doc written up. Here is what I am looking for: http://www.previewfirst.com/terms-and-conditions ...
I think you may be looking for feedback on the linked document. It is a good start to an agreement with end users. I think you are looking for a version to use with your independent contractors that they can sign. That can fairly easily be done.See question
I am a widow and have a revocable trust. I have one child who will inherit what is left. I am 82 and not wanting to have any state inheritance tax. I have a little over $500,000 in an IRA. I think if it is rolled over to my son, it would be...
There are many things you can do. The simplest is to reduce your taxable estate below $1 million. Oregon has no gift tax. The federal government has a gift tax but each person has a $5.4 million exemption currently.
You can give $800,000 of your property to your son, a charity or anyone else and your estate will not pay any Oregon estate tax.
You could also move your residence to another state that has a higher estate tax exemption (for example, Washington State has $2 million) or none (for example, California and many other states).
The land, house and other structures are owned by me and my ex-wife. It is held as tenants in common. She would like to buy my half of the partnership. However, it appears she is going to low ball as much as she can. She would make it very difficu...
Before you make any decisions, you need a full appraisal. Broker estimates are often way off.
In general, it will sell better as a whole parcel.
If you figure in $15,000 to $20,000 for the partition lawsuit, will you still be money ahead? If so, the sale to the public will yield you more money. Note: it may piss off your ex. Can you estimate the cost of that?
Failed business, judgement is 9 years old. Looking to salvage as much equity in my home as possible, odds of the county taking a settlement prior to my house closing? County tax debt for business taxes that were not paid. Because the tax returns w...
It is a little odd for the County to have a tax lien on your house for unpaid County taxes. But, if they have one, then you need to arrange with them to produce a payoff letter and a release of lien so the title company can insure the title for the buyer and the buyer's insurance company.
it may be worth investigating whether you can file the missing tax returns or do other things to reduce the amount of tax owed and maybe get some interest and penalties waived.
My wife's father was appointed a trustee of a will however he pasted away several years ago and now the assets are in the states possession. Rather than the state keeping the money I would like to be appointed as the trustee to distribute any fund...
Good idea. Why let the state keep the assets?
You use two words that seem to be inconsistent. A Will has a personal representative. A trust has a trustee. Sometimes, a Will creates a trust and has both a personal representative and a trustee.
You need to look at the Will or the Trust Agreement and see what it says. That will guide you in what you need to do to be recognized by the State of Oregon.
My son wants a piece of property in the trust as his inheritance and I want him to have it, but I would like to put it into his name and the trust with right of survivorship should he predecease me. He is amiable to this plan.
This is simple. You just state in the trust what you stated in your question; just in more detail and in fuller sentences. The trust continues to own the property either way. the only thing that changes is the beneficiary.See question