In estate planning involving spouses there may be issues surrounding how to deal with separate property acquired prior to marriage or as a result of inheritance. As part of your estate planning consultations with your attorney, you may be asked whether you wish any particular property or financial assets you currently consider to be your sole and separate property to remain your sole and … [Read more...] about Deciding Whether to Convert Separate Property to Community Property
Have you ever thought about becoming a landlord? This option may be tempting if your local real estate market is surging and rental rates are strong, especially if you're already planning to relocate or downsize to a smaller home. Ideally, you'll be able to shelter most or all of the rental income with tax deductions and eventually sell the property for a higher price than you originally … [Read more...] about Consider Taxes before Converting Your Home to a Rental Property
Many believe that credit card debt dies along with you. That is not exactly true. So what does happen to credit card debt after you pass away? There is no simple answer to this question. And the complete answer depends on a number of variables such as who else is on your account, whether you have a living trust, and what state you live in. When you die, your estate is required to pay any … [Read more...] about Does Credit Card Debt Live Beyond Your Lifetime?
Adding Children to Title of Real Property or Other Significant Assets May Create Problems People often have their own ideas of the easiest way to pass on their homes or other property to their children when they pass away. Later on, they may seek the services of an attorney to help them prepare a more comprehensive estate plan, such as a Revocable Living Trust. It is not that unusual for … [Read more...] about Adding Children to Title of Real Property