Deed of Trust

Archive for October, 2008

Question: Re: Capital gains. Can a widow step up house to husbands death even if he is not on her deed, if he paid tax?

The second husband while not on the deed was to have the house until his death according to their trust if he survived her. The property would then go to her children. the marriage lasted 17 years til his death, during which time he did all the repairs, filed joint tax returns and paid property taxes from a joint bank account. He also lived inthe house the entire time of the marriage.

Answer: depends on your states laws for property. state law would be the deciding factor in this case. contact the state tax agency and ask them.

Amitabh Bachchan's good deed

Question: Can I use a quit claim deed to transfer real property to a trust in Illinois?

I live in CA and if you execute a living trust to transfer real property to the trust we can accomplish it with a QC Deed. I am helping my sister who does not have a lot of money execute a trust and transfer her property to the trust to avoid probate. I see a lot of talk about Land Trust. What is the advantage of a land trust compared to a quit claim deed to a trust?

Answer: Mary

It will usually be either the Quit Claim Deed or a Grant Deed. Call a title company or escrow company to find out which will work. Also, check to make sure that no other forms are required. In California an attachment for tax purposes now needs to be submitted to keep the county from potentially changing the tax basis.

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Hard loans in Illinois