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View Poll Results: What owns your house?
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Person's name
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166 |
90.22% |
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LLC or business
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3 |
1.63% |
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Landtrust
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3 |
1.63% |
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Other
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12 |
6.52% |
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08-21-2013, 07:04 AM
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#21
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
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I am thinking that probate often gets an undeserved bad reputation. It is simply the legal procedure to assure that creditors and taxes (if any) are paid and the remaining assets distributed in according to a will if there is one, and the state laws if there isn't.
For most people with relatively simple wills and estates it isn't that complicated. It just seems that way because it is something we don't deal with often.
Now, if there are unresolved lawsuits pending, and the decedent owned multiple companies/corporations, owned property in foreign countries and similar complicated stuff, then hire a lawyer and hide.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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08-21-2013, 08:01 AM
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#22
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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I've got a house that's mine alone, that me and the finance company own...
__________________
Have Funds, Will Retire
...not doing anything of true substance...
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08-21-2013, 08:21 AM
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#23
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Thinks s/he gets paid by the post
Join Date: Oct 2008
Location: Naples
Posts: 2,179
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I voted "other" because our home, free of mortgage, is titled in the name of our revocable family trust. We have the trust only because we want our assets distributed as we dictate and not at the discretion of the courts. The trust precludes any law suit pertaining to others that may lay claim because of blood lines. I should have said "potential" lawsuits because anybody can sue anybody for anything, anytime.
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08-21-2013, 09:19 AM
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#24
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,298
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After sitting through a trust seminar/sales pitch down south we spent an hour with an estate lawyer up here. Her advice for our situation was to do as we've been doing: JTWROS on everything. That's for a no kids (edit: no marriage) couple with under 5 million in assets. Cool! I like easy.
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08-21-2013, 09:36 AM
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#25
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Moderator Emeritus
Join Date: Aug 2007
Location: Northern Illinois
Posts: 16,600
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Condo is Me and DW, Husband and Wife. We purchased a vacant lot in 1991 on which our house now sits. Lot deed says Me and DW, not in Tenancy in Common, but in Joint Tenancy. But if you ask DW, she'll say the house is hers.
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08-21-2013, 07:27 PM
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#26
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Recycles dryer sheets
Join Date: Oct 2012
Location: Houston
Posts: 68
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Home in the US is in my name, the international homes are in a Personal Corp.
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08-22-2013, 06:41 AM
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#27
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,223
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For people which keep their names on the property, is that because it is how you financed (and paid off the house), or because you considered a trust of some sort then decided to NOT change the title of ownership?
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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08-22-2013, 07:06 AM
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#28
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Full time employment: Posting here.
Join Date: Apr 2013
Posts: 834
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We have everything that can be in our living trust.
It only cost a few hundred bucks to create and was painless. Only two visits to lawyer and one for signings.
I can add amendments at will (so to speak)
__________________
The Constitution. It's not just a good idea...it's the law.
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08-22-2013, 07:15 AM
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#29
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Full time employment: Posting here.
Join Date: May 2011
Location: Marco island
Posts: 815
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 Quote:
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Originally Posted by Sue J
The title has DH and I as joint owners with right of survivor. No mortgage, no liens.
If our assets are not large, is there a reason to title it otherwise? We do have wills leaving all assets to our 2 adult sons.
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You can google probate in your own state and find the best ways to avoid it.
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08-22-2013, 07:48 AM
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#30
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Full time employment: Posting here.
Join Date: May 2011
Location: Marco island
Posts: 815
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JTWROS here.
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08-22-2013, 08:27 AM
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#31
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Full time employment: Posting here.
Join Date: Sep 2010
Posts: 805
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Exactly, almost verbatim, what my brother (private practice attorney back then, now a district judge) always told me when I would freak out about needing a will. He handled lots of wills and divorces, etc. so I kinda trusted him, yet always wondered....
Quote:
Originally Posted by Walt34
I am thinking that probate often gets an undeserved bad reputation. It is simply the legal procedure to assure that creditors and taxes (if any) are paid and the remaining assets distributed in according to a will if there is one, and the state laws if there isn't.
For most people with relatively simple wills and estates it isn't that complicated. It just seems that way because it is something we don't deal with often.
Now, if there are unresolved lawsuits pending, and the decedent owned multiple companies/corporations, owned property in foreign countries and similar complicated stuff, then hire a lawyer and hide.
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08-22-2013, 10:45 AM
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#32
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 3,681
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In my state of Ohio you can add an affidavit for Transfer On Death. After one of us dies, the survivor could add the TOD to our sons.
After Mom died we had a quick and inexpensive chat with a lawyer who basically told us that for Dad a TOD on the property, a POD on bank accounts and a change of beneficiary on his IRA took care of just about all of his assets. The rest is personal stuff like clothing, furniture, etc.
Quote:
Originally Posted by Gatordoc50
You can google probate in your own state and find the best ways to avoid it.
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Thank you.
From https://www.ohiobar.org/ForPublic/Re...mphlet-17.aspx
Quote:
What property is not included in probate?
Property that is not probate property (called nonprobate property), and therefore is notpart of the probate proceeding, includes: property held by the decedent and another as joint tenants with right of survivorship; property held in a trust; accounts that are payable on death (POD) or will transfer on death (TOD)to a named beneficiary; and insurance or retirement benefits that are payable to a named beneficiary. Nonprobate property passes directly to a named beneficiary, survivor or successor in interest, independent of any probate proceeding.
Property that must be included in probate and property that is subject to estate taxes are two different matters. Both probate property and nonprobate property may be subject to federal or Ohio estate taxes.
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__________________
Married, both 69. DH retired June, 2010. I have a pleasant little part time job.
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08-22-2013, 12:12 PM
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#33
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,223
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BTW, I have my house in an LLC and get almost no junk mail (only get they type addresses to current resident). Because it shows up as a business in a residential neighborhood, guess the mailing list companies removed my name from their lists.
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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08-22-2013, 02:28 PM
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#34
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Posts: 2,929
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My house is in my name. I own 50% of it, and Wells Fargo still owns the other 50%.
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08-22-2013, 07:38 PM
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#35
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Recycles dryer sheets
Join Date: Jun 2012
Location: Seattle
Posts: 82
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though 90% if the house is ours, I've always considered it the property of the state. don't pay the property taxes here in WA and see how long you "own" it.
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08-23-2013, 04:46 AM
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#36
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Recycles dryer sheets
Join Date: Oct 2010
Posts: 113
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I've wondered about this, the house is in my wife's and my name but I have to pay rent/taxes to the town each year, if I stop they take the house or some such. So do I really own the house?
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08-23-2013, 05:46 AM
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#37
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Full time employment: Posting here.
Join Date: May 2011
Location: Marco island
Posts: 815
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Quote:
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Originally Posted by padlin00
I've wondered about this, the house is in my wife's and my name but I have to pay rent/taxes to the town each year, if I stop they take the house or some such. So do I really own the house?
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The average property tax rate is about 1.3 %. Kind of like paying a financial advisor!
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08-23-2013, 06:01 AM
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#38
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,723
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Quote:
Originally Posted by jIMOh
I have my house in an LLC as protection from an ex wife, creditors and to help it pass to my kids without probate.
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Ours is in name as in Florida your home is automatically protected from creditors and such.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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08-23-2013, 07:16 AM
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#39
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Thinks s/he gets paid by the post
Join Date: Nov 2008
Posts: 3,408
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Ours is in a revocable trust. It was paid off 10+ years ago.
Cheers!
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08-23-2013, 08:11 AM
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#40
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Thinks s/he gets paid by the post
Join Date: Jan 2010
Location: 5-sided building
Posts: 1,184
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Quote:
Originally Posted by padlin00
I've wondered about this, the house is in my wife's and my name but I have to pay rent/taxes to the town each year, if I stop they take the house or some such. So do I really own the house?
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So even if your house is paid off, the government can take it from you if you fail/forget to pay for the privilege of living there.
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