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Thank you for the explanation....I understand that the original owner of the house is excluded from the first $250k ($500k for couples) of the capital gain from selling the house; once a Lady Bird Deed is written, when /if the owner decides to sells the house during their life time, will the owner still have that capital gain tax exclusion?
I have a question, I have a uncle that is in the nursing home and he wishes to leave me the house, but I also know that my other uncle is part owner of the house, what would happen in that situation?
10/1/2023 I want to set up the Lady Bird Deed for my home that is paid off. My daughter wonders about the taxes she is responsible for and is afraid to add her brother because he will not be responsible for taxes. Also, roughly how expensive is it in Florida? Thank you for your help!
Your daughter will be responsible to the tax bills, once you pass and the house goes into her name. Maybe she shouldn't add the brother if he won't be helping.
You start out talking way too far over my head so I could not follow your presentation, perhaps talk slower and explain terms that you take for granted which non-attorney individuals such as myself (a physician) do not understand.
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Estate Planning, Elder Law, Tax Planning, Retirement Planning, Finances, and Asset Protection.
Thank you for the explanation....I understand that the original owner of the house is excluded from the first $250k ($500k for couples) of the capital gain from selling the house; once a Lady Bird Deed is written, when /if the owner decides to sells the house during their life time, will the owner still have that capital gain tax exclusion?
I have a question, I have a uncle that is in the nursing home and he wishes to leave me the house, but I also know that my other uncle is part owner of the house, what would happen in that situation?
It may goto to your other uncle if it is joint ownership with rights of survivorship.
Can u do a lady bird deed with a regular will in Texas?
I can't advise on what's best for Texas.
What happens when the deed goes to you and then you sell are there capital gains taxes?
You get step-up in basis upon death, so no capital gains
10/1/2023
I want to set up the Lady Bird Deed for my home that is paid off. My daughter wonders about the taxes she is responsible for and is afraid to add her brother because he will not be responsible for taxes. Also, roughly how expensive is it in Florida?
Thank you for your help!
Your daughter will be responsible to the tax bills, once you pass and the house goes into her name. Maybe she shouldn't add the brother if he won't be helping.
Can you get a ladybird deed if you have a equity loan on the home
Yes, you can do a Lady Bird deed even if you have a mortgage.
Can I use a lady bird seed in FL How much would you charge me
Yes, we can handle a LadyBird deed for FL. The amount depends on the complexity of the deed but averages maybe around $450.
If someone has inherited a property through a lady bird deed, can the beneficiary still get a owner's title policy?
I ducking hate lady bird deed or life estate because it opens door to exploitation of elders!
How so?
You start out talking way too far over my head so I could not follow your presentation, perhaps talk slower and explain terms that you take for granted which non-attorney individuals such as myself (a physician) do not understand.
Thank you for your valued feedback.