Real Property

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. ...

Life Estate Insurance Blunder

Posted on: November 11th, 2013
Forgetting to simply add one name to a homeowner’s insurance policy could compromise an heir’s property inheritance. For individuals who take advantage of the added protection, reduced taxes, and ability to avoid probate that a life estate offers when holding title to property, one mistake with insurance may create more problems than their careful planning had intended to prevent. ...

IRS Cracks Down on Gifts of Real Estate

Posted on: October 21st, 2012
The IRS has begun checking land records in certain states, including North Carolina, to compare uncompensated, mainly intra-family gifts of real property to filed gift tax returns. ...

Recording Document Fees

Posted on: August 22nd, 2011
Effective October 1, 2011, fees for recording documents in North Carolina’s 100 Registers of Deeds will increase: Deeds – $26.00 for up to 15 pages. $4.00 for each additional page....

Tax Implications of Sale of Residence Upon Divorce

Posted on: June 24th, 2011
For many people, the federal home sale gain exclusion is the single most valuable tax break available. But if you’re getting divorced and selling a home, you may need to plan ahead to take advantage of the tax break. We’ll explain why, but first, here’s a little background information....

Operation of Law: Coordinate your Will and Property Ownership, etc.

Posted on: December 28th, 2010
You know the importance of having a will. If you die "intestate" (without a will in legal language), your state’s laws will determine the disposition of your assets....
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