real estate

Estate Issues With DIY Deeds

Posted on: May 4th, 2017
Oftentimes individuals and couples attempt to minimize estate planning costs by downloading do-it-yourself wills and property deed templates. DIY estate planning notoriously causes costly, time-demanding administrative burdens on executors and does not guarantee the decedent’s wishes will be carried out. ...

5 Considerations for Rental Property in Probate

Posted on: April 6th, 2017
Whether it’s a single property or multiple homes, rental property in probate poses a few concerns. Discussed below are five issues that must be addressed if a decedent owned rental property....

Probate of Real Estate in North Carolina

Posted on: June 24th, 2016
Real property poses unique set of considerations in the context of estate or trust administration. To understand more about how a personal representative oversees the management and distribution of real property during estate and/or trust administration, take a closer look at some variables that affect property distribution....

What To Do if You Inherit an Out-of-State Home

Posted on: April 27th, 2016
If a property owner has not proactively and wisely planned for multiple properties in their estate plan, or if they have no estate plan in place, properties could be at risk of creditor claims, which is one of the many challenges heirs face....

5 Concerns When Gifting a Down Payment on a Home

Posted on: January 5th, 2016
Family members might want to gift money to children to be used toward a down payment on a home. Cash down payment gifts, when not handled properly, could trigger tax consequences or create other complications....

Timeshares in Estate Planning

Posted on: December 19th, 2014
Many of the clients our estate planning attorneys in Chapel Hill serve own property in multiple states, and some of the properties are timeshares. Timeshares are generally considered real property, with a deed as evidence of ownership. ...

Title Issues in North Carolina Estates: Joint Tenants

Posted on: October 31st, 2014
This post addresses the possible issues that may develop with one way of titling property: Joint Tenants with right of survivorship (JTWROS). ...

3 Problems With Life Estate Title of Real Property

Posted on: September 2nd, 2014
Real estate laws in North Carolina allow property owners to create and convey remainder interests in real property, while retaining lifetime rights to the property (a life estate). ...

Reverse Mortgages and Inheritances

Posted on: April 24th, 2014
Should beneficiaries of a potential inheritance be concerned if their elderly relative decides to get a reverse mortgage? Reverse mortgages are not the right choice for everyone. The New York Times recently reported how adult children are often against the idea of their parents using a reverse mortgage as this would deplete the asset the children would ultimately expect to inherit. ...

Estate Planning and Real Estate Titles in North Carolina

Posted on: January 21st, 2014
Some families attempt to manage their own estate planning. For those who own a home and plan to eventually leave the home to children or other relatives, they may change the way the property title is held in an effort to make the transfer of ownership easier upon their death. However, without the counsel of a North Carolina estate planning or tax lawyer, these do-it-yourself methods may result in significant tax liability for the children....

Reverse Mortgage Limits Double

Posted on: November 18th, 2008
The Housing and Economic Recovery Act of 2008 more than doubled the home value (now up to $417,000) to be used nationwide for establishing the size of loans available from the federal reverse mortgage program. ...