34 votes

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

The idea you present is not uncommon, many have tried it before. It would be a great step to find landlords in your area and talk to them about lessons learned. It might cost you a lunch or cup of ...
Pete B.'s user avatar
  • 76.3k
23 votes

Avoiding estate tax by giving multiple gifts

If you give a gift with stings attached, then it isn't a gift. Thus it would be viewed as trying to get around the tax law. The law regarding this is the Step Transaction Doctrine. But a spouse can ...
mhoran_psprep's user avatar
23 votes

$1.44 million in holdings: Help my non-retired, 80-year-old dad invest it

This is not the answer you were hoping for. I recommend that you stay out of it and let your parents do what they want with their money. They are obviously very good savers and very thrifty with ...
Ben Miller's user avatar
  • 115k
22 votes

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

A lot of people do this. For example, in my area nice townhouses go for about $400K, so if you have $80,000 you can buy one and rent it. Here are the typical numbers: Monthly Payment 30-year loan at ...
Five Bagger's user avatar
  • 9,785
18 votes
Accepted

Disclaiming part of an Inheritance

If I'm the executor and one of the two kids that got an inheritance, can I disclaim 1/3 of my inheritance it and give it to the other child that didn't get anything? As executor you are required to ...
mhoran_psprep's user avatar
12 votes

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

This is a reasonable idea and many people have done it. But there are some risks that you need to mitigate. Overleverage. If mandatory payments are more than you can handle, you could lose your ...
zeta-band's user avatar
  • 3,987
7 votes
Accepted

Value of mother-in-law cottage for purposes of will

You should value the unit at: The fair market value of the whole property in 1983 (or whenever 25 years ago was) minus what the eldest sibling paid for the whole property minus the expected value in ...
Rupert Morrish's user avatar
7 votes

Disclaiming part of an Inheritance

You can gift your share to whoever you want, and will be liable for gift tax on the gift. Otherwise, you should probably talk to an estate attorney about invalidating the superseding will.
littleadv's user avatar
  • 171k
5 votes
Accepted

Do we need a revocable living trust?

Unfortunately, this is an attorney question and not an internet question. A living trust is not only a document, using it also requires that you retitle all the assets in the trust from your father ...
Dave Harris's user avatar
  • 4,277
5 votes
Accepted

Can you transfer a Roth IRA to someone else?

Yes. Dying works great for what you'd like to accomplish. The key point is that you need to specify a beneficiary (or multiple beneficiaries) on the account . When you meet your maker, the beneficiary ...
JTP - Apologise to Monica's user avatar
4 votes

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

This is a common and good game-plan to learn valuable life skills and build a supplemental income. Eventually, it could become a primary income, and your strategic risk is overall relatively low. If ...
brandondoge's user avatar
4 votes

What are risks / expenses to buy a house in Germany?

As a first step I would talk to a German real estate agent (Immobilienmakler), who will be able to give you an idea of the costs, fees, insurance needed to purchase a property, and who would be able ...
Derek_6424246's user avatar
4 votes
Accepted

No provision for beneficiary at HSBC

If no beneficiaries are named on your account,that means that the account becomes part of your estate and passes per the terms of your will. Unfortunately, that means that your will will need to ...
Sue's user avatar
  • 56
4 votes
Accepted

What happens to all my assets outside US if I die?

First question: Do I need to register this house in my tax return here in US? There is no "registration" of foreign property (whether real estate or stocks or anything else) on a US tax ...
Dilip Sarwate's user avatar
4 votes

Can I buy my personal residence with a 1031

No, you cannot. You cannot "sell my primary residence to myself", even using different (disregarded) entities, since it's not a transaction tax-wise. You're basically re-titling your own ...
littleadv's user avatar
  • 171k
3 votes
Accepted

Suggestions on how to distribute jewelery and other valuable personal property to the beneficiaries of my will?

The hassle free way to deal with this is to either: Designate pieces of jewelry for each cousin as you see fit, attempting to make each 'gift bag' similarly valued Sell it all and give them the cash ...
Bob Baerker's user avatar
  • 76.1k
3 votes

Special bequests in a will

Instead of adding such a layer of complexity, it seems a good time to update the will. The gifts should be made and any reference to them removed from the will. Why risk having add-on documents that ...
JTP - Apologise to Monica's user avatar
3 votes
Accepted

Money-market or cash-type ETFs for foreigners with U.S brokerage account

Securities and ETFs are also subjected to Estate Tax. Some ways: Draft a "Transfer on Death" instruction to the broker, that triggers a transfer to an account in the beneficiary's name, in most ...
base64's user avatar
  • 10.3k
3 votes
Accepted

How to keep a will up-to-date?

In general you use terms that the attorney preparing your will knows how to craft. Some of your accounts allow you to specify beneficiaries. These designations generally overrule the instructions in ...
mhoran_psprep's user avatar
2 votes

Mechanism for long-term control of estate distribution?

It seems like a potential solution would be to provide the distribution as annual stipends divided among the still-living beneficiaries. Each year, the beneficiaries who are still alive would receive ...
Dheer's user avatar
  • 57k
2 votes

How should I leave money to a minor?

Get a will completed ASAP. It sounds like you are not doing a standard inheritance, so you will want to have it down in writing. If money is an issue, I would research were you can get a will done ...
Pete B.'s user avatar
  • 76.3k
2 votes

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

This is a well worn path and not a bad idea. There are quite a few pitfalls but there are a lot of resources to learn for other people's mistakes. Having a plan and doing your research should help ...
JaredStroeb's user avatar
2 votes
Accepted

Does Australia impose estate tax on foreigners investing in the Australian stock market?

Australia does not have estate taxes or death duties.
Dale M's user avatar
  • 3,200
2 votes

Does the primary residence capital gains exclusion apply to irrevocable trusts?

If you are the living grantor of trust, then you will be considered the taxable owner of the house, and you will qualify for the 250/500 exemption as long as it is your primary residence. This is ...
Five Bagger's user avatar
  • 9,785
2 votes

Value of mother-in-law cottage for purposes of will

The cottage belongs to the owner of the main home. It was not left when they passed. The other assets are part of the estate and should be split via the will. If as you suggest, for some reason they ...
JTP - Apologise to Monica's user avatar
2 votes

Trust vs. Foundation vs. DAF

In the United States, no. There's a law called "the law of perplexities" that says that a trust fund cannot last longer than a specified amount of time after the death of someone living at the time ...
Jay's user avatar
  • 22.6k
2 votes

Suggestions on how to distribute jewelery and other valuable personal property to the beneficiaries of my will?

The easiest option is likely to have either a draft or an auction. In a draft, everyone draws straws. The first person picks the first item they want and every round you reverse order. If there are ...
Justin Cave's user avatar
  • 27.2k
2 votes
Accepted

Brokerage in US Bank Won't Print TOD name on Monthly Statement

But my question is, why not print TOD beneficiary on the monthly statement and make it easier for the customer. Their reason for "Security" seems bogus. They have been moving away from ...
mhoran_psprep's user avatar
2 votes

Seeking information about medical and financial issues

The local services available for elders may include free consultation on this kind of issue; if not they may be able to suggest good affordable resources in her area. I'd start by making some phone ...
keshlam's user avatar
  • 44.8k
1 vote
Accepted

In what sequence should I do these tasks?

You need to change the title first because you can't refinance the mortgage jointly if your significant other isn't on the title Assuming that it's your trust (not joint), I don't think that the order ...
Bob Baerker's user avatar
  • 76.1k

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