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What happens if you miss putting an asset into a trust?

Q: I had a new will done and it was supposed to include everything I own, including my home, investments and other property. I now need to put my assets into the trust. I have three institutions that need to change my accounts to trusts.

I was able to do it easily with two, but I am having a very hard time making one understand what I want. ...Read more

Real Estate Matters: A child is better off inheriting property instead of being put on title before parent passes away

Q: My dad owns a duplex. He lives upstairs and rents the downstairs unit. He wants me to inherit the property after he dies. Should we transfer ownership of the property by will or by adding me to the deed?

I understand all about how the stepped-up basis works on a primary home when someone inherits it. But this is different — at least, I ...Read more

Stats shows home ownership dreams have been delayed for first-time buyers

Recently, the National Association of Realtors released their 2022 Profile of Home Buyers and Sellers. The news wasn’t good for first-time buyers or for those who have been waiting, impatiently, to buy their first home.

Just 26% of all buyers were first-time buyers. The reason? It’s so much more expensive to buy a home. Higher interest ...Read more

Real Estate Matters: If your name is not on the title, you’ll have trouble claiming home ownership

Q: My niece lives in a home that is owned by her former boyfriend. The boyfriend had taken out a loan on the home, but she has been paying the loan, the taxes, utilities and has maintained the home for the last 20 years.

He has recently left her. She was wondering if the house rightfully belongs to her. She has tried and tried to contact him ...Read more

Real Estate Matters: Who can foreclose on lien on vacant condominium?

Q: Our condominium building has a unit where the owner died several years ago. No one has appeared to pay the real estate taxes or the homeowner association fees since the owner died. The association has a lien on the unit for the unpaid assessments.

Is this a situation where I could foreclose on the lien to obtain title to the property? If so,...Read more

 

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