Full authority allows the personal representative of the estate to sell or exchange real property without court supervision. Limited authority to sell real property requires court supervision.
By utilizing Proposition 58, after the close of probate or trust administration, the daughter should be able to continue to pay property tax on the parents’ original tax basis of $85,000.
If you do not transfer title of your home to your trust, and your name alone is on the deed, a probate of your home will be required when you die. The state could then recover against your home.
With the purpose of helping to prevent fraud and to protect identities, the Centers for Medicare and Medicaid Services (CMS), has redesigned Medicare cards. The new cards will no longer show the owner’s Social Security Number. The cards will still be red, white and blue, but will also not show the gender, signature and other personal […]
IRAs, 401k’s and other “qualified accounts” are exempt. The applicant however must be taking RMD’s or some amount of principal and interest on a periodic basis.
Properly recorded mortgages survive the death of the borrower/owner of the property, and remain as liens against the real property through probate.
You can also have access to the funds, like a line of credit, that you can draw on when needed.
Title to real property that is held in a revocable living trust is not subject to probate, because the real property will be distributed to the beneficiaries of the trust, by operation of the terms of the trust.
The rights of inheritance from a person who died intestate, and who was married at the time of death, will depend upon the nature of the particular asset being probated. Assets of the decedent who is a married person can be community property, quasi-community property or separate property. Quasi-community property is property acquired in another […]
The state will want to know about all assets of both spouses, including savings, cash, stocks, etc. In addition, the cash surrender value of whole life insurance of the ill spouse cannot exceed $1,500.