• Question
  • How to arrange finances for minimum taxes/problems at time of death

    Asked on 8/23/2010

    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.

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  • Categories: Retirement Planning, Relationships, Estate Planning

Answers

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  • 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:   Answered on 8/27/2010
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.