facebooktwitter

real estate

Selling a House for a Loved One With Dementia

Many people find themselves in the challenging position of having to sell a loved one’s home to pay for that person’s medical care. While this is a difficult ordeal regardless of your loved one’s condition, selling a home becomes even more complex if a loved one is suffering from dementia or mentally incapacitated. To better prepare individuals who find themselves in such a situation, the following reviews critical details that caregivers should appreciate before taking steps to sell their loved one’s home. Can a Person With Dementia Sell Their Home? Only the individual who owns a home can transfer the house to a buyer. If an elderly person has become incapacitated, that individual must appoint someone else through the terms of a durable power of attorney document to act on the individual’s behalf before a sale can occur. If a caregiver or family member has no legal authority through the proper estate planning tools to do so, this individual cannot sell the home. Selling a Parent’s Home When You Have Power of Attorney The authorizations in a power of attorney document distinguish what a person can and cannot do. Many financial power of attorney documents grant an agent the broad [...]

2020-10-17T19:43:17+00:00Tags: , , , , |

Should You Place Real Estate in a Trust?

If you are interested in avoiding probate, you might have considered placing property in a trust. You might also have questions about whether the trust will be able to protect from creditors or remove the real estate from your taxable assets. This article reviews some critical details to understand about placing real estate in a trust, but remember that in these situations it also helps to speak with a skilled attorney.   How Trusts Function   Before discussing reasons to place real estate in a trust, it helps to understand some of the most basic terms used in relation to trusts, which include:   A beneficiary is a person designated to receive assets under the terms of the trust A grantor is an individual who establishes and fund the trust A trustee is an individual tasked with managing the assets in a trust   Avoiding Probate by Placing Real Estate in a Trust   The main advantage of placing real estate in a trust is to avoid the probate process, which can be both costly and lengthy. Passing real estate to loved ones through the terms of a will, however, results in the assets being subject to various costs. Because [...]

2020-09-25T15:24:35+00:00Tags: , , |

Buying a House After Bankruptcy

Recovering after a bankruptcy is not something that occurs quickly. Many individuals who declare bankruptcy have questions about how long it will take before they will be able to purchase a home. In many cases, the type of loan that a person requires for a house and how the person handles credit after their declaration of bankruptcy influences this process. Mortgage companies offer different “seasoning periods” after a person declares bankruptcy. Lenders might also have additional requirements about the length of time a person must wait after declaring bankruptcy. While some individuals struggle to recover after declaring bankruptcy, other individuals discover that they are able to buy a house within few years. If you are interested in buying a house, it is important to increase your credit profile and sometimes even obtain the assistance of a skilled attorney. This article will list some of the various factors that can influence the amount of time that a person can expect it will take to obtain a loan to purchase a house after declaring bankruptcy. Factor #1: Whether a Person Declares Chapter 7 or Chapter 13 Bankruptcy Whether a person declares Chapter 7 or Chapter 13 bankruptcy will also determine how long [...]

2017-09-18T12:38:44+00:00Tags: , , , |