NCBusa2001
Registered
It’s been a while since I have posted and I though I would let everyone know what is going on currently and ask for assistance.
As far as my recent vasectomy reversal I had it done on the 1st and it went just fine. We will see in 3 months if it worked. We almost had to cancel it the day before the surgery due to our hospitals corporate greed (wanted $7000 up front cash) but we were able to work out a “payment plan†instead. I haven’t got on a bike yet but I should be good to go in a few more weeks.
Now for the sad news. My Mother died last Wednesday and we had the funeral Saturday.
For those who didn’t know. My mom was a 66 year old woman who was diagnosed with brain and lung cancer (thanks Phillip Morris) in March. Everyone was sure that she wouldn’t see April. However, she responded to the treatment well (chemo and radiation) and did great until mid-November when the extensive bone cancer was found. She remained 95% mentally until the Sunday before her death and steadily became unresponsive over the next two days. She passed in her sleep without much pain. We arranged a nursing service to stay with her 24 hours a day and that was a saving grace. I had seen what “nursing homes†can do to people and that had to be avoided entirely. She had a wonderful life and passed without losing her dignity. We shoud all be as fortunate. May she rest in peace.
Now I need help.
I am going to handle the estate myself but this is an area that I have very little experience. I am afraid of doing something now that might bite me in the future. If anyone has experience in this area please speak up.
Here’s is my situation in brief. I am an only child. My father died in 2000 and his “estate†(house and retirement accounts) was naturally left to my mother. There is a will that names me the executor and only beneficiary. Now that she has passed I have handled all of the beginning steps and have set up the “estate account†and have started to pay off her outstanding debts.
Here’s the question?
?? Please tell me if my plan of action is a mistake.
There will be two accounts set up. An “estate†account and a “beneficiary†account (liquefied IRA’s that I’m the listed beneficiary).
The estate account has a balance $10. All of her outstanding debts (funeral bill, credit cards, healthcare expenses, charge account, utility bills, etc) come out to total $6.
Now that leaves $4 in the estate account.
The house that was “willed†to me still has a mortgage balance of $15 and a home equity loan balance of $5. Total owed $20. The tax value of the house is $40 (done in 2003). An appraisal done in 1999 shows the value to be $35.
QUESTION ONE: Explain “capital gains taxâ€. I was told that I might want to get the house re-appraised and report that value on the estate paperwork. Because…….of something to do with “capitol gains†if I sell the house in the future. I don’t understand. Do I want a lower or higher value, compared to the tax value?
QUESTION TWO: I plan on paying off the mortgage and equity loan completely with the money from the “beneficiary accountâ€. Is this a bad move in any way?
QUESTION THREE: Once the mortgage is paid off, then what? Do I need to officially have it put in my name, if so what is the process? The people I have talked to stated that it is not really necessary but “If†I “wanted†to have it re-deeded and attorney would need to do it. Again, I’m a little clueless here.
Lastly are there any questions that I should be asking that I lack the experience to ask?
As always I thank you for taking the time to read, and hopefully respond, to this plea for help.
Chris
As far as my recent vasectomy reversal I had it done on the 1st and it went just fine. We will see in 3 months if it worked. We almost had to cancel it the day before the surgery due to our hospitals corporate greed (wanted $7000 up front cash) but we were able to work out a “payment plan†instead. I haven’t got on a bike yet but I should be good to go in a few more weeks.
Now for the sad news. My Mother died last Wednesday and we had the funeral Saturday.
For those who didn’t know. My mom was a 66 year old woman who was diagnosed with brain and lung cancer (thanks Phillip Morris) in March. Everyone was sure that she wouldn’t see April. However, she responded to the treatment well (chemo and radiation) and did great until mid-November when the extensive bone cancer was found. She remained 95% mentally until the Sunday before her death and steadily became unresponsive over the next two days. She passed in her sleep without much pain. We arranged a nursing service to stay with her 24 hours a day and that was a saving grace. I had seen what “nursing homes†can do to people and that had to be avoided entirely. She had a wonderful life and passed without losing her dignity. We shoud all be as fortunate. May she rest in peace.
Now I need help.
I am going to handle the estate myself but this is an area that I have very little experience. I am afraid of doing something now that might bite me in the future. If anyone has experience in this area please speak up.
Here’s is my situation in brief. I am an only child. My father died in 2000 and his “estate†(house and retirement accounts) was naturally left to my mother. There is a will that names me the executor and only beneficiary. Now that she has passed I have handled all of the beginning steps and have set up the “estate account†and have started to pay off her outstanding debts.
Here’s the question?
There will be two accounts set up. An “estate†account and a “beneficiary†account (liquefied IRA’s that I’m the listed beneficiary).
The estate account has a balance $10. All of her outstanding debts (funeral bill, credit cards, healthcare expenses, charge account, utility bills, etc) come out to total $6.
Now that leaves $4 in the estate account.
The house that was “willed†to me still has a mortgage balance of $15 and a home equity loan balance of $5. Total owed $20. The tax value of the house is $40 (done in 2003). An appraisal done in 1999 shows the value to be $35.
QUESTION ONE: Explain “capital gains taxâ€. I was told that I might want to get the house re-appraised and report that value on the estate paperwork. Because…….of something to do with “capitol gains†if I sell the house in the future. I don’t understand. Do I want a lower or higher value, compared to the tax value?
QUESTION TWO: I plan on paying off the mortgage and equity loan completely with the money from the “beneficiary accountâ€. Is this a bad move in any way?
QUESTION THREE: Once the mortgage is paid off, then what? Do I need to officially have it put in my name, if so what is the process? The people I have talked to stated that it is not really necessary but “If†I “wanted†to have it re-deeded and attorney would need to do it. Again, I’m a little clueless here.
Lastly are there any questions that I should be asking that I lack the experience to ask?
As always I thank you for taking the time to read, and hopefully respond, to this plea for help.
Chris
