Q&A: "My Mother Died...Is My Father Responsible for Her Credit Card Debt?"
Question and background: My mother died. We live in New Jersey. Is my father responsible for her credit card debt? The accounts were in her name only.
Question and background: My mother died. We live in New Jersey. Is my father responsible for her credit card debt? The accounts were in her name only.
Question and background: What should be put into a Trust? Suze Orman recommends that everyone create a Trust. What exactly should be put in the Trust? Your house? Your savings? Your checking account? Your investments? Other? How should these assets be titled?
Question and background: I'm 77 and want to sell my home. It is paid for. I have no other income except for SS. Can I use my equity to invest in a home with my daughter? She takes care of me. Any taxes or can I use the money anyway I need to? I live in MT. I should get approx. 300,000 on the sale.
Question and background: What's the best way to calculate sale ownership for a home with life benefit? And how do capital gains on the sale work? My sister and I are on the deed to my mother's home bought in 1995 for $95,000. Mom has a life benefit estate. We want to sell the home, and mom and I are going to buy another home in a different location and just put it in my name with her as a life benefit again. Mom is 88 yrs old. So what would mom's % of the sell of her home be? My sister and I have equal share. Would we have to pay capital gains on the whole amount we sell the home for or just the gains since mom bought the house in 1995?
Question and background: My mother passed away (before retirement age) and left a small amount of money in her Roth IRA. I understand I can either withdraw a lump sum or roll it over into an IRA of my own, then take mandatory distributions. It seems like either way I don't pay an early withdrawal penalty, so I might as well take the cash now (it wouldn't bump me into a higher tax bracket). Is this decision a no-brainer or is there something I'm missing?