Comments on: OMG! WOOD FLOORING FOUND! http://www.burbed.com/2009/04/28/omg-wood-flooring-found/ San Francisco Bay Area, Silicon Valley House Price and Mortgage Insanity Blog Wed, 08 Feb 2012 05:57:06 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: palo alto resident http://www.burbed.com/2009/04/28/omg-wood-flooring-found/#comment-31312 palo alto resident Fri, 01 May 2009 23:03:43 +0000 http://www.burbed.com/?p=3352#comment-31312 We don't know how much grandma has taken out of on her loan, but it looks like Momma G has a 965k reverse mortgage. We don’t know how much grandma has taken out of on her loan, but it looks like Momma G has a 965k reverse mortgage.

]]> By: DreamT http://www.burbed.com/2009/04/28/omg-wood-flooring-found/#comment-31311 DreamT Wed, 29 Apr 2009 22:06:09 +0000 http://www.burbed.com/?p=3352#comment-31311 same as nomadic - living trust and power of attorney are the way to go IMO. not early transfer of assets. same as nomadic – living trust and power of attorney are the way to go IMO. not early transfer of assets.

]]> By: nomadic http://www.burbed.com/2009/04/28/omg-wood-flooring-found/#comment-31310 nomadic Wed, 29 Apr 2009 21:47:43 +0000 http://www.burbed.com/?p=3352#comment-31310 Sorry for your loss, A. You can accomplish the same goal with a trust. That's how my parents set it up. I think it would be worth a few hundred dollars for an attorney to set it up. I'd highly recommend a medical power of attorney for each of them too. Be sure you understand their wishes regarding measures to be taken in the event of a major accident or illness. Trust me, it will save a lot of heartache later. Sorry for your loss, A.

You can accomplish the same goal with a trust. That’s how my parents set it up. I think it would be worth a few hundred dollars for an attorney to set it up.

I’d highly recommend a medical power of attorney for each of them too. Be sure you understand their wishes regarding measures to be taken in the event of a major accident or illness. Trust me, it will save a lot of heartache later.

]]> By: A. Lewis http://www.burbed.com/2009/04/28/omg-wood-flooring-found/#comment-31309 A. Lewis Wed, 29 Apr 2009 21:01:36 +0000 http://www.burbed.com/?p=3352#comment-31309 Actually, I had my last two grandparents pass away this year, and I've watched separately my mom and dad deal with inheriting from their parents. Fairly smooth on one side, long drawn out lawyer-filled process on the other. In spite of all heirs getting along nicely. I'm trying to think ahead and see what advice to start giving them over the next 20 years so they (and I) don't have to worry about things when they actually do start to get quite old. Certainly the biggest items in their estates are their houses, and if all goes well they won't have to sell them to live out comfortably. But what happens to it at the end? Seems like, if you love and trust your children, the thing to do in estate planning is give it all away to your children BEFORE you die, then there's nothing to deal with at the end. You just have to trust your children to not steal or waste your own money or property while you still need it! Actually, I had my last two grandparents pass away this year, and I’ve watched separately my mom and dad deal with inheriting from their parents. Fairly smooth on one side, long drawn out lawyer-filled process on the other. In spite of all heirs getting along nicely.

I’m trying to think ahead and see what advice to start giving them over the next 20 years so they (and I) don’t have to worry about things when they actually do start to get quite old.

Certainly the biggest items in their estates are their houses, and if all goes well they won’t have to sell them to live out comfortably. But what happens to it at the end?

Seems like, if you love and trust your children, the thing to do in estate planning is give it all away to your children BEFORE you die, then there’s nothing to deal with at the end.

You just have to trust your children to not steal or waste your own money or property while you still need it!

]]> By: nomadic http://www.burbed.com/2009/04/28/omg-wood-flooring-found/#comment-31308 nomadic Wed, 29 Apr 2009 20:40:58 +0000 http://www.burbed.com/?p=3352#comment-31308 I dunno the answer. Besides, you're plotting to get your inheritance early! Maybe someone else can chime in for you. I dunno the answer. Besides, you’re plotting to get your inheritance early!

Maybe someone else can chime in for you.

]]> By: A. Lewis http://www.burbed.com/2009/04/28/omg-wood-flooring-found/#comment-31307 A. Lewis Wed, 29 Apr 2009 20:15:10 +0000 http://www.burbed.com/?p=3352#comment-31307 Why should I spend 5 minutes on Google or Wikipedia when I can just find out from YOU! Why should I spend 5 minutes on Google or Wikipedia when I can just find out from YOU!

]]> By: Mr. Cash Cash Bail Bail http://www.burbed.com/2009/04/28/omg-wood-flooring-found/#comment-31306 Mr. Cash Cash Bail Bail Wed, 29 Apr 2009 20:10:57 +0000 http://www.burbed.com/?p=3352#comment-31306 For this price, you can buy 1700 square feet in decent shape in Diamond Hill... And that's way more central than Bernal IMO... Grandma needs that 50% haircut... For this price, you can buy 1700 square feet in decent shape in Diamond Hill… And that’s way more central than Bernal IMO…

Grandma needs that 50% haircut…

]]> By: nomadic http://www.burbed.com/2009/04/28/omg-wood-flooring-found/#comment-31305 nomadic Wed, 29 Apr 2009 20:06:06 +0000 http://www.burbed.com/?p=3352#comment-31305 Oh, look up inheritance tax. Oh, look up inheritance tax.

]]> By: nomadic http://www.burbed.com/2009/04/28/omg-wood-flooring-found/#comment-31304 nomadic Wed, 29 Apr 2009 20:05:43 +0000 http://www.burbed.com/?p=3352#comment-31304 Just what are you planning, A? Should we alert your parents? ;-) Just what are you planning, A? Should we alert your parents?
;-)

]]> By: A. Lewis http://www.burbed.com/2009/04/28/omg-wood-flooring-found/#comment-31303 A. Lewis Wed, 29 Apr 2009 19:41:30 +0000 http://www.burbed.com/?p=3352#comment-31303 When someone wills you a property, does that count as some kind of taxable income for that year? Even if you don't sell it? When someone wills you a property, does that count as some kind of taxable income for that year? Even if you don’t sell it?

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