Your house appreciated. A 30-year-old tax rule hasn’t.
Remember 1997? Titanic was still in theaters, CD players were cutting-edge, and Congress decided that if you sold your home, you could exclude up to $250,000 of gain (or $500,000 for married couples) from tax under … Continue Reading
In the last article, we looked at the general characteristics of various ways of owning real property, namely: fee simple, tenancy in common, joint tenancy with rights of survivorship, and life estates. I have “hotlinked” each property type so you can go back for a … Continue Reading
Understanding different ways of owning real estate is important because the way real property is titled influences Medicaid results, taxes, and probate avoidance. You may need to lockdown Medicaid, and you certainly don’t want to lose your house and land in the process. And, of … Continue Reading
Mom is in an assisted living facility. Mom and Dad both receive Social Security (total is about $20,000). Dad receives a federal retirement system pension of $35,000.
Because the assisted living facility costs about $3,800 monthly ($45,600 annually) and they have other … Continue Reading
CAUTION: This column was first written in 2016 and has been updated for 2019. You may reader comments below from earlier years.
Mom (who is 70) is on Social Security and worked part time at Burt’s FastBurgers to earn a little extra and socialize a bit more than she might … Continue Reading