Family dispute illustrates need for long-term care plan
A recent New Jersey court case demonstrates how important it is for families to come up with a long-term care plan before an emergency strikes. The case involved two brothers who got into a fight over whether to place their mother in a nursing home. R.G. was the primary caregiver for his parents, as well as their agent under powers of attorney. After R.G.’s mother fell ill, R.G. wanted to place her in a nursing home. R.G.’s brother objected, but R.G. went ahead and had his mother admitted to a nursing home without his brother’s consent. R.G.’s brother sent angry…..
Continue ReadingZoning laws challenge tiny-home owners
Tiny-home building shows may be all the rage on TV, but these programs rarely explore one big hurdle that comes with tiny-home ownership: Where on earth should you put it? In many areas, zoning regulations prohibit temporary accommodations such as RVs, mobile homes, and their new close cousins, tiny houses. Zoning laws may require minimum square footage for homes, may prohibit portable structures, or may limit what’s known as “accessory dwelling units,” such as small houses placed in the backyard of an existing home. In other cases, tiny house owners may find themselves simply priced out of a home site…..
Continue ReadingLandlords bound by lease agreements, too
While it’s common knowledge that a tenant must pay rent on time, keep utilities the running, and adhere to various other lease provisions (e.g. routine maintenance, limits on pets and guests), it’s also true that landlords must abide by lease agreements. Some landlords may attempt to violate a lease agreement by asking tenants to leave prior to the contracted lease period, failing to make certain repairs, violating health and safety conditions, or otherwise making the property inhabitable. If a landlord fails to live up to a lease agreement and provide a habitable space, tenants may find recourse by reporting violations…..
Continue ReadingYour mortgage is my mortgage: How parents are financing a child’s home
With all-cash offers dominating the housing market in some highly competitive cities, first-time homebuyers are finding themselves shut out of negotiations, particularly for the more affordable and in-demand starter homes. Saving enough for a down payment and closing costs has always been a challenge for young home buyers. But in tight real estate markets, the old standby of 20 percent down with a traditional mortgage loan isn’t enough to win a home. These kids might once have looked to mom or dad for help with a down payment, but now they’re approaching their parents with a much bigger request: enough…..
Continue ReadingTips for choosing your executor
Choosing your executor, who will administer your estate and carry out your final wishes, may be one of the most important decisions you make when preparing your will. Before you name someone, get his approval and make sure he feels up to the task. An executor’s responsibilities including filing court papers to start probate and validate the will, inventorying the estate, notifying banks and government agencies, sorting out finances, maintaining all property until it’s distributed or sold, filing a final tax return, and distributing assets. Depending on the size and nature of your estate, this work can seem like a…..
Continue ReadingCommunicate with your kids before leaving unequal assets
When it comes to leaving money to the kids, some parents struggle to reconcile “equal” with “fair.” An equal inheritance treats each child the same, regardless of life situation or special circumstances. On the other hand, sometimes an unequal distribution can seem like the fairest thing to do, given a child’s age, financial wherewithal, or previous track record. To avoid unpleasant surprises and contentious family squabbles, be transparent about your plans and talk with your children ahead of time. That helps children understand your point of view and gives them an opportunity to share concerns or life issues you may…..
Continue ReadingContingencies create a way out of real estate contracts
You’ve signed the contract and transferred the earnest money, but just how binding is your real estate contract? That depends on the nature of any contingencies built into the agreement. For buyers, such contingencies provide an exit strategy if the house doesn’t live up to initial impressions. Here are some common contingencies that could allow a buyer out of a real estate contract: * Financing. The buyer may be unable to get financing from his or her lender, or unable to get financing within defined terms. * Appraisal. This is another financing issue that comes into play if the…..
Continue ReadingTips for choosing your next mortgage lender
Home buyers today have a variety of options when it comes to finding a mortgage lender. They can choose a traditional face-to-face relationship with a lender at their local bank, opt for a mortgage broker who will shop the best deals for them, or go it online with a range of non-bank lenders, such as Quicken Loans, Rocket Mortgage, or Lenda. Be aware, however, that more than a quarter of first-time home buyers regret their choice. According to a mortgage satisfaction study by J.D. Power, 27 percent of first-time buyers and 21 percent of all home buyers wish they had…..
Continue ReadingPre-litigation claims can be effective in estate tax disputes
Pre-litigation is activity that occurs before a legal suit is filed. If you are involved in an estate transfer and your rights are unclear, pre-litigation may be an effective way to establish your position and head off a more costly legal conflict. Pre-litigation claims are typically made in an effort to get the other party to back down or engage in negotiations. This process may be the first step in claiming a will or trust is invalid, challenging a premarital agreement, or charging that an executor is engaged in misconduct. In a much-publicized conflict over the estate of former “Growing…..
Continue ReadingHow to leave your home to the kids
Deciding when and how to relinquish the family home can be one of the most challenging issues seniors face. For many, a home is their most valuable asset and a cornerstone of the wealth they’d like to transfer to their family. If you’re one of AARP’s estimated 87 percentage of older adults who wants to stay at home and “age in place,” you may be planning to stay put as long as possible with the goal of transferring your house to your heirs after you die. Here is a review of the ways you can go about leaving your home…..
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