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QUESTION:
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How to arrange finances for minimum taxes/problems at time of death | Hi. I'm a 45 y/o single male, living with my widowed 69 y/o mother. Basically, our assets are:
she: owns the house (worth of $170K), plus approx $50K in mutual funds, CDs, etc.
me: approx $50K in mutual funds, checking acct, etc.
I just want to be setup the best way possible to ensure that if/when one of us passes away, the other goes through the least amount of court hassels and taxes.
We currently have a few things (CDs, checking accts) in BOTH of our names, but the house is not.
How would you advise us?? Should all assets be in both of our names, and will this enable the survivor to escape any estate taxes, etc??
Thanks. |  | asked by NewRetirementKen, 8/23/2010 |
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Categories:
Estate Planning
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| ANSWERS: | | Answered by: Editorial, 08/27/10
Overall Rating:  Be the first to rate it. | We can not offer legal advice.
You would best be served by consulting with an estate planning attorney who can give you specific advice for your situation.
However, you should probably both be on the title of the home. Login to rate this answer: |
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