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Tough Conversations the Sandwich Generation Needs to Face

Tough Conversations the Sandwich Generation Needs to Face

For many area families, springtime graduation is not the rite of passage that it once was, as almost a third of adults ages 18 to 34 still live with their parents. That proportion outstrips those living alone, with roommates, or with a significant other. At the same time, the over-65 population may increase as much…

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Should I Rent or Sell the Property I Inherited?

Should I Rent or Sell The Property I Inherited?

Many times, when a loved one dies and leaves real property behind, the family has made property disposition arrangements in advance, especially if another family member is still living in the house. Usually, a brief addendum to a will is more than enough to get everyone on the same page when it comes to inherited…

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Should You Refinance Inherited Property?

Many times, selling inherited real property is in everyone’s best interests, but there are always exceptions. Here are two of the more common ones that we see: Dad lived alone in failing health, so Diane agreed to move into the house with him. As Dad’s health declined even further, Diane left her job to become…

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Answers to Inherited Real Estate FAQs

Answers to Inherited Real Estate FAQs

When a loved one dies, everyone goes through the same five stages of grief. However, not everyone goes through these stages at the same speed, since recovery may take a couple of weeks or it may take a couple of decades. At the same time, a death in the family also creates financial concerns, as heirs…

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3 Steps to Take When You Inherit Property with a Mortgage

3 Steps to Take When You Inherit Property with a Mortgage

Many people are confused about their obligations and options in these cases. First and foremost, the mortgage is still due. Repayment obligation does not terminate with the death of the original owner. Second, to avoid foreclosure or other adverse action, such as collection letters, the mortgage must be current. The lender can still take such…

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The 5 Steps of a Massachusetts Probate

While there are some ways to expedite the process and reduce the amount of inherited property involved, some legal proceedings are almost inevitable when a loved one dies. Properly understood and carried out, probate often brings emotional closure in these situations, but if it gets out of control, probate litigation can become an expensive mess.…

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Dealing With an Inherited Home: Best Practices For Families

All property, for example inherited home, has both economic and non-economic value. In many instances, the former vastly outweighs the latter, because very few people have an emotional bond with a box of corn flakes. But that is not always the case; in fact, the opposite is sometimes true. There are people reading these words…

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Five Ways To Deal With Selling Inherited Property

At the risk of giving our loyal readers too many numbers to deal with too soon, there are basically three steps in selling inherited property, but only two of them are financial. Step one is to recognize the emotional ties that the heirs probably have to the property, and deal with them. Consider having a…

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Letting Go – Inherited Real Property

Higher emotional value

“A man’s Self is the sum total of all that he CAN call his, not only his body and his psychic powers, but his clothes, and his house, his wife and children, his ancestors and friends, his reputation and works, his lands, and yacht and bank-account.” –          William James If that statement was true a…

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Is Leasing Inherited Property Just A Temporary Solution?

Dealing with inherited property

The local real estate rental market is benefiting from the strength in the statewide sales market. According to the New Hampshire Housing Finance Authority, median rents for two-bedroom apartments in the Granite State inched above $1,200 per month. That’s 15 percent higher than they were in 2011. Low vacancy rates of under 2 percent –…

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Massachusetts Lawmakers Consider Additional Housing Standards

Housing Standards

A proposed measure would require real estate sellers in the Bay State to provide energy audits of the inherited real estate that they sell. Consumer and housing groups say the bill is a good idea. “Buyers need to avoid being duped into buying a ‘money pit,’” urged the Massachusetts Affordable Housing Alliance and a few…

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Dealing With Inherited Real Estate That’s In Foreclosure

Real Estate New England

The loss of a loved one is devastating enough, but when that loss is coupled with the prospect of losing the family home, inherited real estate, which is typically the most valuable asset in these situations both financially and emotionally, the burden can almost be too much. Massachusetts is a non-judicial foreclosure state. In many…

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Foreclosure Rate Going Up Again In Bay State

The lingering effects of the Great Recession, and the fact that many homes are still underwater, are driving the foreclosure rate in Massachusetts back up. Some observers contend that the continued rise really is a backlog of cases. Three times in the last ten years, Massachusetts lawmakers enacted foreclosure relief measures, such as giving homeowners…

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Home Sales Dip in Massachusetts

Massachusetts Home Sales are Down For the first time in 14 months, fewer inherited homes are being sold in the Bay State. According to the Massachusetts Association of Realtors, there were 5,799 residential closings in July, which is 14 percent below the July 2015 mark. At the same time, average prices for single-family homes edged…

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Prince’s Estate: Minnesota Judge Removes Most Would-Be Heirs

Update: Prince’s Estate in Probate The dreams of fame and fortune turned out to be short lived for 29 people who claimed to have a lawful share of Prince Nelson’s legacy. Carver County District Judge Kevin Eide disallowed the claims of eleven reputed siblings, five alleged children, and thirteen purported cousins/nieces/nephews. At the same time,…

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Is a Cash Sale Right For Your Inherited Property?

When most people buy cars, they start by doing research on the vehicles available and weighing their options as far as price and financing are concerned; they do not rush to their local Ford or Toyota dealer without first thinking through the process, because the salespeople at these dealerships are only interested in selling the…

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Emotional Issues in Selling Inherited Property

Nearly all residential real estate transactions involve both a financial and an emotional component. For example, a motivated seller might take less money and a needy buyer might be willing to pay a little extra. But where inherited real property is concerned, the emotional factors are often much more prevalent. Strong emotional attachments are the…

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Sellers’ Market in New Hampshire

Largely thanks to a low inventory, sales are so brisk in the Dover/Rochester/Somersworth Tri-City region that many homes are closing at above-asking price. In fact, because sales are up 36 percent from last year, the fastest growing real estate market in the country is in Strafford County. That’s almost 50 percent greater than the next-highest…

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Protect Your Vacant Inherited Property from Burglary

According to SafeguardTheWorld, homes without security systems are 300% more likely to be broken into, burglarized or vandalized. This number increases tenfold when there is a vacant home with obvious signs of no one living there. Some of those signs include overgrown grass and shrubbery (ill-maintained lawn), snowed-in driveways and walkways and an abundance of…

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Your Local Probate Attorney: Helping Hands in a Trying Time

Carrying out the duties as an estate executor is probably one of the most thankless and time-consuming jobs. Many administrators agree to take on this burden out of loyalty to the deceased, and they may receive little or no compensation, other than what is provided for in the will, assuming that one exists. On top…

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No End in Sight For Prince Nelson’s Estate

Prince Rogers Nelson, known to his fans as Prince, passed away on April 21, 2016 in Carver County, Minnesota at his estate, Paisley Park. Largely because the singer died without a will or trust, the legal and financial questions that his death created are almost as unresolved now as they were the day his body…

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‘Brexit’ Expected to Increase the Number of Home Buyers

When United Kingdom voters decided to leave the European Union, they started a domino effect that should make it easier to sell inherited property in faraway New Hampshire. The ripples of instability the vote created sent nervous investors to U.S. Treasurys like a moth to a flame, and there is a discernable, albeit imperfect, relationship…

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Aftermath of Prince Nelson’s Death Highlights Heirship Disputes

All the people who claim to be Prince’s heirs must provide sworn testimony to support their claims, according to a Carver County, Minnesota district judge. The judge’s order requires prospective heirs to file an affidavit that answers a number of personal questions and provide a birth certificate copy. The trust company handling the estate can…

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Tax Considerations of Inherited Property Sales

It is almost impossible for inherited property to qualify for the $250,000/$500,000 tax exclusion. However, with careful planning, sellers can take advantage of other tax loopholes and save thousands of dollars. IRS rules reduce the reportable capital gain from real estate transactions by $250,000 for individuals or $500,000 for married couples filing a joint return.…

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The Gift of a Will

No one is really sure who came up with the proverb “a stitch in time saves nine,” but the saying first appeared in eighteenth century England. The proverb is definitely meant to spur the lazy into action, because it is an anagram for “this is meant as incentive.” Most people agree with this maxim, but…

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Partition Actions in New Hampshire

Occasionally, despite the best efforts of everyone involved, the heirs cannot agree how to dispose of property. In most of these situations, there are an even number of joint heirs to a piece of unimproved real property and they each have an equal share, so there is no effective way to break a tie. Sometimes,…

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The Probate Process In New Hampshire

Probate is a formal public legal process via which the assets of the individual are distributed following a person’s death, in accordance to their will. The probate process starts with filing the will, petition and death certificate. Usually, the general public has access to these documents. Thus starts a process that involves the filing of…

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