Attorney.elderlawanswers.com Real Estate

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When Inheriting Real Estate, Consider Your Options

9 days ago . 50 people watched

Inheriting real estate from your parents is either a blessing or a burden -- or a little bit of both. Figuring out what to do with the property can be overwhelming, so it is good to carefully think through all of your choices. There are three main options when you inherit real estate: move in, sell, or rent.

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Husband Has No Claim To Deceased Wife's Trust Assets

4 days ago . 60 people watched

A husband has no claim to real estate held in a pre-1984 inter vivos trust by his now-deceased wife, even though the wife had maintained sole power over the trust assets and despite the fact that the same assets had been deeded to the wife outside the trust.Bongaards v. Millen (Mass. App. Ct., Suffolk, No. 99-P-1631, June 4, 2002).. In 1978, Jean Bongaards' mother, Josephine D'Amore, …

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Sample Co-Ownership Agreement

2 days ago . 29 people watched

Click here for a sample Co-Ownership Agreement that Boston real estate attorney Kathleen M. O'Donnell developed to address the basic issues of joint ownership.The agreement is referenced in O'Donnell's article, "Co-Ownership Agreements for Multigenerational Households: One Approach," appearing in the May 2014 issue of The ElderLaw Report.In that article, O'Donnell …

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Jointly Owned Property Goes To Heirs Of First To Die

4 days ago . 52 people watched

In 1961, four parcels of real estate were deeded to Glendie E. Mosser, Jr., and his sister, Evangeline D. Phelps, as joint tenants with the right of survivorship. When Mrs. Phelps died intestate in 1990, the real estate became the sole property of Mr. Mosser. Mr.

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ElderLawAnswers For Attorneys

4 days ago . 29 people watched

1.I offer to purchase from an undivided one half interest in the house and lot located at County, Massachusetts (the “Property”) for $. I will sign a Greater Boston Real Estate Purchase and Sale Agreement as may be amended by mutual agreement, which may be contingent for 40 days upon financing, within one week of the acceptance of this offer.

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ElderLawAnswers For Attorneys

4 days ago . 29 people watched

Richard Wood (real estate): Michael Polls (construction); Ed Lear (attorney) Defendant's Technical Experts: Dan Rosen construction (stiffed by defendants when he gave testimony unfavorable to them at deposition and called by Plaintiff under subpoena) Facts and Background

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Attorney Disbarred For Misappropriating Conservatorship Assets

4 days ago . 62 people watched

A District of Columbia court appointed attorney H. Allen Whitehead as conservator of the estate of Reginald V. Grayson, Jr., a disabled adult. Without obtaining court approval, Mr. Whitehead paid himself attorneys fees of $42,000 and borrowed $600,000 from the estate to purchase investment property for his own benefit.

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A Trustee Has A Duty To Preserve Trust For Beneficiaries

2 days ago . 57 people watched

Scott testified that his duty as trustee was to qualify Phillip for Medicaid and preserve the family real estate, not to Ms. Brownell. A jury found for Ms. Brownell and awarded her damages. Scott appealed. The Iowa Court of Appeals reverses, holding that Scott cannot be held liable under an interference with contract theory. The court rules

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Wife Had Authority To Transfer Property To Herself Under A

9 days ago . 59 people watched

The power of attorney gave the agent the authority to transfer real estate for the purposes of estate planning, including transfers to the agent. It also provided authority to make gifts subject to the approval of a court in order to minimize taxes and maximize the estate for beneficiaries. Mr. Lindvig entered a nursing home.

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Transferring Real Estate Outside Of Probate

5 days ago . 43 people watched

To transfer real estate outside of probate, one of the survivors would sign an affidavit (sworn statement), identifying the real estate, the manner in which the property was held, and the date of death of the decedent. A certified copy of the death certificate is attached to the affidavit and it …

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Medicaid Exemption Clarified On Property Placed For Sale

9 days ago . 56 people watched

Although a homestead in Texas does not count as a resource if the equity value of the homestead is less than $500,000 (no limit if there is a spouse living in the community), it has been the rule for some time that a homestead located out of state would only be exempt only if the property was placed for sale (otherwise the applicant for Medicaid would not meet the residency requirement since

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Special Requirements For The Sale Of Condominium Units And

1 days ago . 59 people watched

By John Zucker and Stephen Troup, Rose & Zucker LLC. There is a general uncertainty within the real estate community with respect to the requirements for conveying clear title to individually-owned condominium and cooperative apartments when one or all of the record owners are deceased.

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Beneficiaries May Not Sue Law Firm That Used POA To Sell

8 days ago . 57 people watched

The beneficiaries of Ms. Mareskas’ estate sued the law firm for breach of fiduciary duty and conversion, arguing that the power of attorney was void due to her death and that the law firm did not get the permission of the estate for the sale. The law firm filed a motion to dismiss, arguing that the beneficiaries did not have standing to sue

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Remainder Interest In Real Property Vests At Testator’s

4 days ago . 58 people watched

A Massachusetts appeals court rules that a remainder interest in real property vested upon the testator’s death, giving the estate of a deceased grandchild with special needs a share of the sale proceeds that could be used to reimburse Medicaid for her care. Dell’Olio v Assistant Secretary of the Office of Medicaid (Mass. App. Ct.,

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Attorney Liable To Third-Party Beneficiary Of Will For

5 days ago . 55 people watched

Attorney Liable to Third-Party Beneficiary of Will for Legal Malpractice. Virginia's highest court rules that an intended third-party beneficiary of a will may sue the attorney who drafted the will for legal malpractice. Thorsen v. Richmond Society for the Prevention of Cruelty to Animals (Va., No. 150528, June 2, 2016).

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Indiana Company Helps Elderly Become Landlords To Qualify

1 days ago . 58 people watched

An Indianapolis real estate management company is helping elder law clients become absentee landlords as a way to shield assets from Medicaid, according to an Associated Press story appearing on an Indiana/Kentucky/Illinois news Web site, MyInky.com. The article claims that scores of elderly Indiana residents have invested in rental homes managed by CFS LLC, which leases and …

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How To Use A Trust In Medicaid Planning

2 days ago . 39 people watched

One advantage of these trusts is that if they contain property that has increased in value, such as real estate or stock, you (the grantor) can retain a "special testamentary power of appointment" so that the beneficiaries receive the property with a step-up in basis at your death. This will also prevent the need to file a gift tax return upon

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Lien Against Medicaid Recipient's Property Doesn't Attach

9 days ago . 58 people watched

The estate appealed. The South Dakota Supreme Court reverses, holding that a Medicaid lien does not attach to an interest in real property until it is recorded, and that at the time the state recorded its deed, the interest had passed to Ms. Hollman's children.

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Meet Joseph Buxton And Virginia Brown

9 days ago . 37 people watched

After teaching second grade for two years, she moved to Virginia Beach, where she sold new home construction for five years and obtained her Real Estate Broker's license. Ginny was also the Catering Director for Taste Unlimited for five years and worked part time as a catering supervisor for Cuisine and Company for many years.

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Watch Out For These Potential Problems With Life Estates

9 days ago . 56 people watched

Knowing the implications and risks of a life estate is essential in determining whether it is appropriate for your situation. In a life estate, two or more people each have an ownership interest in a property, but for different periods of time. The person holding the life estate -- the life tenant -- possesses the property during his or her life.

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Tennessee High Court Rules State May Pursue Recovery

4 days ago . 53 people watched

The Supreme Court of Tennessee rules that the state Medicaid agency may pursue an estate recovery claim against real estate that passed by will from a deceased Medicaid beneficiary to devisees, even though Tennessee has not adopted an expanded definition of “estate.”. In Re Estate of Trigg (Tenn., No. M2009-02107-SC-R11-CV, May 30, 2012).

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Medicaid Recipient's Agent Under POA Liable For Damages To

Just Now . 59 people watched

Evidence showed that Mr. Miracle used $56,486.63 of his mother's resources to maintain her real estate and spent an additional $12,971.54 on payments not related to his mother. The trial court found that the additional payments were unauthorized and awarded the nursing home damages in that amount.

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YOUNGER LAW NEWS: With Medicaid

9 days ago . 31 people watched

It also includes all real estate transactions (purchases and sales) in the last 5 years. The instruction letter from Medicaid directs the applicant to furnish a very long list of items (birth certificate, marriage certificate, spouse’s death certificate, social security card, to name just a few.

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Transferring Assets To Your Trust

8 days ago . 33 people watched

The Will permits the Personal Representative to sell the real estate under Section 64.1-57. The Clerk may assert that because the estate can sell the real estate, the Clerk can claim it is "in the estate" for probate tax purposes and assess the tax. The Personal Representative, however, may disclaim that power to sell and therefore avoid that tax.

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It's Getting Harder For Connecticut Seniors To Protect

1 days ago . 63 people watched

The Waiver is an attempt by the State of Connecticut to modify the federal Medicaid penalty rules by seeking to attach an automatic three-year disqualification period for any gifting of non-real estate assets and an automatic five-year penalty period for gifts of real estate.

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Earlham College V. Woollen

7 days ago . 26 people watched

However, Margaret had a will under which she left her entire estate to Earlham College. In 2000, Mr. Wollen's grandnephew was permitted to reopen Mr. Wollen's estate and was appointed its personal representative. The following year, Earlham College intervened, contending that it owned the real estate referred to in Mr. Wollen's will.

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Lang V. Commissioner Of Internal Revenue (T.C. Memo 2010

Just Now . 57 people watched

Lang v. Commissioner of Internal Revenue (T.C. Memo 2010-286, Dec. 30, 2010). Judith Lang filed a timely 2006 federal income tax return with a $27,776 itemized deduction for medical expenses and a $6,840 deduction for real estate taxes, among other deductions. Ms. Lang was an adult and was not listed as a dependent on anyone's tax return.

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Tax Shortfall Should Be Paid By Probate, Rather Than Non

2 days ago . 57 people watched

Where a personal probate estate is insufficient to pay taxes, as required by the decedent's will, an Illinois appeals court determines the additional tax obligation should come from real probate-estate property rather than non-probate property, even though the result is that one beneficiary will pay a portion of the other's taxes.

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N.Y. Court Approves Use Of HCFA Table To Value Medicaid

Just Now . 56 people watched

N.Y. Court Approves Use of HCFA Table to Value Medicaid Recipient's Life Estate. Ruling on a guardian's application to extinguish a 95-year-old Medicaid recipient's life estate in order to sell his home, a New York trial court agrees with the county Medicaid agency that the life estate should be valued using a Department of Health and Human

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Be Aware Of The Kiddie Tax Before Leaving An IRA To Children

3 days ago . 60 people watched

These distributions are unearned income that will be taxed at the parent's rate if the child receives more than $2,100 of income (in 2017). In addition to IRAs, the kiddie tax applies to other investments that supply income, such as cash, stocks, bonds, mutual funds, and real estate.

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Multi-State Practices: Crossing State Lines For Profitable

8 days ago . 59 people watched

A simple way to assess this is to ask the question in your new-client intake questionnaire. Additionally, look for indications of a possible move. Some signs that a client may be planning a future relocation include the presence of children or real estate in another state.

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Second Marriage Prenuptial Agreement Invalid Because Of Duress

4 days ago . 62 people watched

In Re Estate of Hollett (N.H., No. 2002-346, Sept. 26, 2003). John and Erin Hollett married on August 18, 1990. John, a successful real estate developer, was in his late 50s and Erin was 30 years his junior. John's previous marriage had produced five children and ended in divorce.

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Choosing Retirement Account Beneficiaries Requires Some

6 days ago . 56 people watched

Estate Planning E-Letter+. Updates. Marketing eBooks. For Families. RE-SET YOUR PASSWORD Enter your username or E-mail. We will E-mail you a reset password link. CANCEL. LOGIN. Username: Password: FORGOT PASSWORD? Remember Me Sign up for a free, 30 day trial.

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No Presumption Of Undue Influence When Power Of Attorney

7 days ago . 57 people watched

After Mr. Compton's will was admitted to probate, the personal representative of his estate petitioned the court to allow completion of the two real estate contracts. Three of Mr. Compton's children objected, arguing that the contracts were the result of Scott's undue influence over their father.

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GAO Report Raises Some Concerns About Regulation Of

6 days ago . 52 people watched

Slow real estate markets like the current one can make it difficult for older Americans to sell their homes to pay CCRC entrance fees. As a result, occupancy levels at many CCRCs have fallen. In addition, some older Americans may be staying in their homes longer and thus moving into CCRCs when they need more care, which can worsen CCRCs' long

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Joint Tenant Has Right To Unilaterally Terminate Joint Tenancy

5 days ago . 62 people watched

The Colorado Supreme Court rules that a joint owner of real estate may sever the joint tenancy by unilaterally conveying his interest in the property back to himself to create a tenancy in common with the other joint tenant, and that survivorship is an expectancy that only vests when one joint tenant survives the death of another joint tenant.

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Financial Company Specializes In Bridge Loans To Help Pay

7 days ago . 58 people watched

Because much of the family's wealth was tied up in the depressed real estate market, the family borrowed $20,000 from ElderLife. SmartMoney states that "[t]he loan terms are better than a bank could offer, and the family hopes to pay it down when the real estate market rebounds . . .

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Guardianship In Washington State

4 days ago . 32 people watched

Unless the ward objects, the guardian makes decisions on where the ward will live. For some decisions, such as those involving extraordinary medical care, the administration of anti-psychotic drugs, or the sale of the ward's real estate, the guardian must seek the court's advance approval. What does a guardianship cost?

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Estate Attorney And Mother Of Four Faces Prison After Plea

6 days ago . 59 people watched

A Wisconsin estate planning attorney whose license to practice law was revoked earlier this year for numerous counts of professional misconduct has reportedly reached a plea agreement with federal prosecutors. After she pleads guilty to five charges of a 33-count indictment, the …

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Medicaid Applicant Who Sold Property In Arms-Length

6 days ago . 52 people watched

Medicaid Applicant Who Sold Property in Arms-Length Transaction Not Subject to Penalty Period. An Ohio appeals court rules that a Medicaid applicant did not transfer assets for less than fair market value even though he sold property at below the appraised price because the sale was an arms-length transaction. Lawrence v.

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Medicaid Applicant Entitled To Penalty Reduction For

4 days ago . 53 people watched

Estate of Cooper (Ky. Ct. App., No. 2017-CA-001663-MR, April 12, 2019). In August 2012, Lennie Cooper became a resident of a nursing home and at the same time she transferred real estate and cash valued at nearly $160,000 to her daughter. The following month, an application for Medicaid benefits was filed on Ms. Cooper’s behalf.

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FAQ?

Is real estate a good investment right now?

Real estate is generally a great investment option. It can generate ongoing passive income and can be a good long-term investment if the value increases over time.

How much can you make in real estate?

Real estate is often a referral-based business. Those who are involved in the business longer typically are the most successful. Those with 16 years or more experience earned the highest real estate income: approximately $78,850 on average.

What is the best real estate market?

Dallas tops the list of real-estate markets over the period studied, exhibiting strong price appreciation, while remaining a market in which investors saw strong rents relative to property values.

What is the most expensive real estate in the US?

Manhattan real estate is the most expensive in the US per square foot with some properties topping $10,000: Study. Move over San Francisco — the Big Apple tops Silicon Valley as most expensive place to live in the United States, a new study shows.

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