Buying or selling a home is an exciting journey, but it's also a complex one. Homes are the biggest investment you'll make in your lifetime. Transferring ownership of something with as high of a value as property is full of legal challenges.
That's why it's important to hire an attorney who specialises in real estate. But what do these attorneys actually do? The Role of a Real Estate Attorney These attorneys handle all the logistics involved with completing real property transactions. Buying or selling a home usually doesn't involve going to court, but many legal aspects occur behind the scenes. There are mountains of paperwork and legally binding documents to review. Most buyers and sellers don't have the legal expertise to understand those documents, so hiring an attorney is the best way to cover your bases. Attorneys prepare and review all documents related to the real estate transaction. That includes the purchasing contract, additional agreements between buyers and sellers and more. An attorney will also review documents with your lender and everything involved with the title and transfer. It's common for attorneys to attend the closing to ensure that all documents are signed and valid. That's not all. Attorneys can also handle due diligence before you buy a property. For example, they'll help buyers by performing title searches and title insurance to ensure no liens on the property exist. Liens can be a legal nightmare, and having an attorney deal with that side of the transaction can save you many headaches. Finally, attorneys may also facilitate the transfer of funds. They can provide documentation to the seller, lender, etc. Do You Need an Attorney? Whether or not you should hire an attorney as a buyer or seller depends on what state you're in. Several states require attorneys to be part of the process. These include New York, Connecticut, California and more. But even if your state doesn't require you to retain an attorney, it's beneficial to do so. Attorneys will represent your best interest and help you navigate the legal complexities, ensuring that real estate transactions are smooth and frustration-free. Read a similar article about estate planning for a beneficiarys disability here at this page.
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Many people have debt of some kind, but what is decedent debt? This is the type of debt that is still around after someone passes away. While it’s good to know what decedent debt is, you need to think about what is decedent debt going to do to you when it comes to debt repayment.
When a relative dies, and you’re the sole survivor in the family, do you have to pay off your relative’s debt? Do you have to pay off the debt of a deceased spouse? Although every situation is different, and you will want to seek counsel from an experienced attorney when faced with financial scenarios involving complex legal matters, below are some general guidelines for dealing with decedent debt: You Do Not Have to Pay in Most Cases In the majority of cases of decedent debt, you are not responsible for the debt of a deceased loved one. Unless your name is co-signed on a lending agreement, you are not a party to the agreement and are not obligated to pay outstanding debts. With that stated, a lender may be able to pursue legal action against assets that were owned by your deceased loved one. These assets make up the decedent’s estate. This can mean that a mortgaged house you are living in may be foreclosed upon if payments are not maintained. In a way, you become responsible for the debt if you are living in the mortgaged house and want to continue living there. Spousal Debt and Community Property Another potentially tricky situation is when a spouse passes away. Once again, you are generally not responsible for the debt your spouse incurred during their life; however, if you took out a loan together or purchased a home or vehicle together, this may place you as a borrower on debt incurred by your deceased spouse. To know your position for certain, it’s always best to partner with a financial professional for advice. While the Internet can offer a lot of good information, you can’t afford to take chances when dealing with decedent debt. Read a similar article about advance directives here at this page. Life insurance is a unique type of insurance that provides benefits after your death. There are many reasons to consider getting life insurance. However, most people use it to ensure their surviving spouse and children get the support they need after their death. Beneficiaries can use it to pay off a home, education and more.
Individuals can pay life insurance premiums for decades. But what happens after their death, and it becomes time to claim a policy? Naming Beneficiaries One of the most important aspects of buying life insurance is naming beneficiaries. These are the people who will receive benefits upon your death. For most people, that includes spouses and children. However, you can also name charitable organizations, friends, business partners or even a trust. Life insurance can be a big part of estate planning, so it's important to work with your estate attorney when purchasing life insurance and naming beneficiaries. What is a Contingent Beneficiary? If you've done a little research about claiming life insurance policies, you might have come across this term. But what is a contingent beneficiary? This term describes a person who would receive benefits if the primary life insurance beneficiary passes. For example, you might name your spouse as a primary beneficiary. You can't name minor children as beneficiaries, but they would become contingent beneficiaries. If your spouse also dies, they would be next in line to get death benefits from your policy. How the Claiming Process Works Life insurance benefits don't come automatically. Your beneficiaries must file a claim to get anything. Fortunately, that's a straightforward process for most insurance providers. Depending on the company, you can usually do it through a secure online platform. Most insurance companies require support documents to prove that the policyholder died. That might include a death certificate. The timeline can vary, but most states allow insurance companies to review claims for up to 30 days. After that, it may take another 30 days to receive benefits. However, most companies try to work as fast as possible to avoid interest charges resulting from delayed payment. Read a similar article about inheritance and divorce here at this page. Having the responsibility of care for an aging parent or relative is hard work. It’s not just the “work” but the emotional toll that it takes is hard as well read more
Purchasing real estate for your personal use or as an investment is a big decision. Entering into any kind of real estate contract, whether that be a purchase contract or rental agreement, can have far-reaching ramifications on your finances and your living situation. As such, it pays to ensure you have every detail sorted from the outset. For most people, this means working with a real estate lawyer.
There are several reasons why a lawyer is useful in real estate transactions, including: A Real Estate Lawyer Knows Local Laws Real estate lawyers will be able to help you navigate local and state laws as they pertain to real estate transactions. In Portland, an Oregon lawyer will be able to provide guidance, while in New York, a real estate lawyer Long Island residents trust can offer guidance for NY transactions. People in the Big Apple can look for a real estate lawyer Long Island homeowners turn to for advice by searching online for lawyers with reviews from previous clients. A Real Estate Lawyer Understands the Details Real estate law is often a detail-oriented area of practice that can be quite complex. Many real estate transactions rely on a keen understanding of minute details to be completed successfully and efficiently. A layperson may not have as deep of an understanding of these details, and this can cause real estate transactions to get jumbled and eventually fall apart. With a real estate attorney on your side, you stand a better chance of receiving a fair deal and saving money. Protection for the Future When you’re purchasing something as large as a piece of real estate, you want to be assured that you will be protected in the future should something go wrong. A real estate attorney knows what information to include in a purchase contract to protect buyers if something unfortunate happens after a purchase is completed. This provides buyers with peace of mind as well as recourse if future litigation is necessary. Read a similar article about lawyer for Medicaid here at this page. A life insurance trust, often created as an irrevocable life insurance trust and abbreviated as ILIT, is a whole or term life insurance policy that cannot be changed or altered once set up. The trustee controls the life insurance policy and the disbursement of any funds resulting from a payout.
If you haven’t thought about creating a life insurance trust before, below are three benefits you may experience: 1. Life Insurance Trusts May Reduce Taxes An irrevocable life insurance trust may save your estate and heirs on taxes. Under a traditional life insurance policy, the payout is considered to be a part of the gross estate. When an irrevocable life insurance trust is created, the policy is not factored into the gross estate. This can mean lower estate taxes due upon your death. 2. Implications for Gift Taxes You may also be able to eliminate gift taxes through an irrevocable life insurance trust. A special letter needs to be drafted to make this happen, so you’re encouraged to work with an estate planner if you’re concerned about gift taxes. When positioned properly, contributions by the grantor can be exempt from these types of taxes since the gift is not considered future interest. Once again, this must be set up using a special letter referred to as a Crummey letter, so work with an estate planner if you want to take this route. 3. Protection From Creditors Assets in an estate may be subject to creditors, but states often have laws related to how much protection is given to assets in a trust. This may mean that assets protected under a life insurance trust will be exempt from creditors after your passing. Important Note Life insurance laws work differently across the country. Since different states have different laws about life insurance, a local estate planning professional will be able to guide you through the process of creating a trust. In New York, for instance, an NYC life insurance trust expert will have in-depth knowledge of New York’s estate planning laws. An NYC life insurance trust expert probably would not, however, be able to help you if you live in a different state. Read a similar article about 2023 Medicaid changes here at this page. Transitioning into a nursing home means getting the care you need, but it can also leave you with a feeling of uncertainty regarding your money. Sometimes, receiving nursing home care can leave you limited in your ability to manage your finances, and this can lead to anxiety during a time when you’re already making big adjustments in life.
If you’re expecting to need nursing home care in the future, below are some tips to help you plan ahead to protect your money: Consider Moving Assets Into a Trust Moving some assets into a trust may be advantageous before transitioning into a nursing home. This process is not for everyone, and there are certain regulations involved. A trust can protect assets in most cases, and it can also ensure that money ends up where it is supposed to go if you are unable to manage your funds. Because there are several financial regulations involved with setting up a trust and moving assets, you should speak with a qualified financial advisor to get the process started. Work With a Local Elder Care Attorney You’re also encouraged to partner with a local elder care attorney who knows the laws and regulations in your state. For example, if you are in New York City and have questions regarding financial protection as it relates to transitioning into a nursing home, look for a lawyer for elder care NYC families trust. A lawyer for elder care NYC residents turn to for advice will be able to guide you to help you protect your money while you are getting the care you deserve. Consider Spousal Support If you are married and are moving into a nursing home, you may be able to transfer some of your funds to your spouse as support payments. Spousal maintenance payments have limits, however, so you will need to talk with a financial planner to ensure you are following the laws of your state if you decide this is the right path forward for your family. Read a similar article about NYC lawyer for testamentary trust here at this page. Having an estate plan in place before your passing can make a big difference in how easy or difficult the transition is for those left behind. While no one wants to dwell on dying, it’s important to make plans for what you want to happen to the material possessions and assets you leave behind. Failure to have an estate plan in place can mean lots of legal hassles for your loved ones, and it can also mean that your assets get tied up in court and don’t end up where you would like them to go.
If you’re thinking about having an estate plan created, below are three benefits to encourage you to get started: 1. Your Estate May Avoid Probate Estate planning typically involves the creation of a will. With a will in place, your estate may avoid probate, potentially making it easier for your loved ones to receive the assets they are entitled to. 2. May Avoid Taxes Estate planning also considers taxes. Some states and the federal government may tax your estate upon death, but proper planning can help to mitigate the impact. 3. Planning Can Provide Peace of Mind When you engage in estate planning, you can place certain assets in trusts. These are special accounts that can provide peace of mind for you and your loved ones in knowing that your assets will end up where you direct them upon your passing. No matter your reasons for wanting an estate plan, it’s a good idea to work with a local expert when you decide to get started. Local estate planning firms will be able to offer guidance regarding things like taxes and laws in your region. To find an estate planning firm near you, simply search online. If you’re in New York City, for instance, you can look for an NYC law firm for estate planning through your favorite search engine. You should check the reviews for any NYC law firm for estate planning that you consider, however, as online reviews can provide a good indication of how your experience will go. Read a similar article about NYC estate planning lawyer here at this page. Sleep is essential for hard-working caregivers, but between regular life and caregiving responsibilities, getting enough quality rest can be a big challenge. Vive Health shares 6 smart tips to combat caregiver sleep deprivation. Find out how to make it easier to fall asleep and stay asleep as well as improve sleep quality read more
As an active or retired member of the United States uniformed services, you might be eligible for several benefits you don't realize are available. These benefits can provide financial assistance, help with your education, and even pave the way for your future. But you can't take advantage of them until you apply for them with the help of the best veterans benefits lawyer Long Island has ever seen.
Not sure what you're eligible to claim? Here are some of the most commonly received from the VA. Education Benefits Also known as the "GI Bill," this benefit can help you pay for your education or job training. It's one of the most sought-after benefits available, and many people enlist for the sole purpose of getting the GI Bill. It's available to active duty, Guard, and Reserve members. You can claim the benefits as a current service member or retired veteran. Those who qualify for the Post-9/11 GI Bill can also transfer the benefits to a spouse or dependent. VA-Backed Home Loan If you're ready to buy a home, this is a benefit you want to claim! This benefit lets you purchase a home with many perks and is available to service members and veterans. It has lower credit requirements than a conventional loan, doesn't require mortgage insurance, and comes with a zero percent down payment on the home's purchase price. Life Insurance This benefit can protect you and your family after death. While it's not something anyone wants to think about, life insurance is a substantial benefit to claim. The best veterans benefits lawyer Long Island offers can help determine if you qualify for coverage. They can also help you manage your Servicemember's Group Life Insurance (SGLI) and navigate your options after you retire from service. Those are just a few of the most common VA benefits available during and after service. There are many more, and some are time-sensitive. If you're unsure of what you qualify for, contact an attorney. They're there to help you claim everything you're entitled to have. Read a similar article about guardianship lawyer NYC here at this page. |
AuthorMark writes often about estate planning. His articles may include topics like real estate closing attorney and business succession laws to help the people in needs. ArchivesCategories |