Who owns this house??
no_green_thumb
9 years ago
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rrah
9 years agonycefarm
9 years agoRelated Discussions
Who 'owns' your home design?
Comments (61)No need to be sorry Virgil! I honestly only posted this as it is an interesting concept of who owns intellectual property. I would imagine the are many people who go to a draftsperson to “draw up their plan” (although I was paying for design services) and the draftsperson does that. Does that really entitle the draftsperson to ownership rights to duplicate that plan for profit, whether in whole or in part? I only posted my situation as another example. This revived thread was originally created due to the OP wanting an electronic file of their plan. I figured showing photos of what I thought were close matches would get some reaction of whether ideas were copied too closely or not. While my home will cost me more yearly, I don’t regret the wait. My plan is much better now. I can’t wait to get started....See MoreWho owns this house? (For purposes of living trust)
Comments (10)Due to the way the capital gains law is structured, you should try to avoid listing a joint owner (non-spousal) of RE assets that have appreciated. I don't believe they get the critical full "step-up" basis that an inherited asset would receive. For those with larger estates, it's crucial to pay attention to the changing limits on Federal Estate Taxes. The limit is $3.5M in 2009. In 2010 there is NO limit (your state of domicile may still have estate taxes due, however). If Congress does nothing the Federal Estate Tax limit reverts to $1M in 2011. Although there is talk they will keep the 2009 limits, NOTHING has been actually decided. I've been the executor of a will and the trustee of a Trust. There is no contest - a trust is easier to close than a will. That said, I mean a **properly done trust** - not a boilerplate document created on the cheap by someone who couldn't be bothered to ask the necessary questions before creating the trust. Our MIL's trust, and our own RLT, was created by an excellent attorney for $2500 flat fee (apiece). This included over seven hours of pre-trust meetings to establish what each trust needed to be, creating not only the two trusts but also the necessary additional documents: pourover wills, financial power of attorney, durable healthcare power of attorney. The attorney also filed the trusts and RE deeds in court to transfer the largest assets to the trusts (we were responsible for transferring the bank checking/savings and brokerage accounts). Neither us nor my MIL have what I'd consider complex financial situations. Nonetheless, the attorney took a great deal of time to clarify goals and customize each trust so that we're fully confident they reflect our individual preferences. I apologize for drifting OT, but for us, a trust will make settling our estate infinitely easier for our heirs....See MoreWho owns this house? (For purposes of living trust)
Comments (9)Correct me if I am wrong... It sounds like dad bought the house himself with a mortgage, then transferred the house via quitclaim deed to mom. He did not notify the lender. Now you want to put the house into a living trust and not notify the lender. So ownership will have changed hands twice and the lender doesn't know. Both transfers will likely violate the due on sale clause of the mortgage since mom and dad are no longer married. The lender can likely foreclose as soon as the find out, if they want to. If dad dies or stops paying, the lender can take the house. Please see an attorney, you are in the process of making a big mess that will cost a lot more money to fix after mom's death than it will to do it properly now. You don't say what the motivation is for the living trust, probate avoidance or medicaid planning. Either way the title is going to be very confusing and your goals may well be frustrated by that confusion....See MorePainting partial exterior of house, colors
Comments (59)Here's the front porch with the new porch light:My brother Kevin bought the red mailbox in Palm Springs the last time we were there - it is difficult to find interesting mailboxes, but I think this one is okay. The porch light is new, and I bought it and installed it temporarily before the painters started because I wanted to get it fitted in first. It is from Kuna, but I bought it at Lowe's, and it was the first one (and only one) I found that has LED lamping and motion detection with a modern design that I found acceptable. It's not the greatest or most interesting design, but I am okay with it, and it is infinitely better than what we had before (see photo way above). This sconce does much more, however, and I have decided that I like the added features. First, it has an additional security camera that only starts recording when someone approaches the door, and it makes a doorbell sound outside as well as on my phone to let me know that someone is at the door. I also see the photo/video of the person on my phone. The other two security camera that we have are hardwired to a screen just inside the door, and these cameras start recording when a moth flies by or when a cat walks on our driveway, and so they are a bit too sensitive, but I think I might be able to adjust that. The old security cameras are not equipped with WiFi (I didn't have a Smartphone when we got them), but the video screen does have a memory stick that saves the videos, although we have to take it out and download whatever we want to keep. The video screen also has an intercom so that I can talk to someone at the door if I want to, whereas the light does not. We used to have a clear window in our old door, but when we got the new door, we had to get the security cameras so that we could see who was on the front porch without opening the door. We've not had any Jehova's Witnesses visit us since we put up the security cameras. I don't like the look of the security cameras, but I am pretty much stuck with them....See Moreno_green_thumb
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