OT Lawyers

Well, yes actually.

It has been her lifelong dream to own her own house. She no longer has to deal with the council, and its now rent free. The reality though, is interest rates were complete shit, so no loss there anyway.

I did get the asbestos roof from the outside shed removed and the roof

The way it works here for tenants is that the deed goes in the tenant's name, but the house is held in trust with me as the owner/beneficiary, so there is no probate at all.

-- Kevin Aylward

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Reply to
Kevin Aylward
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On 8/31/2017 11:21 AM, George Herold wrote: ...

A trust is a separate entity, with a "life" of its own. Anything in the trust is not in the estate. That's one of its beauties. There will be trustee(s) who run it according to the terms in its "founding" document.

Reply to
Bob Engelhardt

although depending on the nature of the trust its assets may have to be counted with everything else to determine estate taxes, if any.

Reply to
Taxed and Spent

Sorry for your loss.

I handled my father's estate on behalf of myself and 3 sisters. Two houses (one we sold, one still in the family), a pension fund, a dozen share investments, three bank accounts, a car. Ongoing bills ongoing until the houses changed owners, emptying the house and preparing it for public auction, real estate agent's fees. Estate trust tax accounting (and professional fees for that). Over 200 individual financial transactions. Lots of certified copies and many letters and emails.

I'd say $25K would be quite a good deal if a professional had done the work, even though a lowly clerk does most of it.

It is possible to do it yourself, and can save quite a bit, as it did us. But you have to have time for that. If you earn more spending that time on your job, do that instead.

Clifford Heath.

Reply to
Clifford Heath

Taxed and Spent wrote on 8/31/2017 3:56 PM:

What's an SE tax?

--
Rick C 

Viewed the eclipse at Wintercrest Farms, 
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Reply to
rickman

Technically in Scotland you /do/ need a lawyer. The law is different in England and Scotland. (I think Wales and Northern Ireland follow England here.)

Reply to
David Brown

Self Employment tax, reported on federal schedule SE.

Reply to
Taxed and Spent

OK making a group reply to Jon E., Martin and Clifford. Thanks for all the inputs.

Except for her house and other fiddle bits, all here assets were in one place. I've made arrangements to meet with her financial adviser. We'll see what he says. Things are simple enough that I may just try to go it alone. My brother has no problem with that.

Again thanks,

George H.

Reply to
George Herold

Why didn't you refer to it as "self employment" tax rather than SE?

--
Rick C 

Viewed the eclipse at Wintercrest Farms, 
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Reply to
rickman

just to mess with you.

Reply to
Taxed and Spent

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