It has certainly given us more mystery to the already highly mysterious incident.Maybe there is some weird property tax / sales tax loop holes in TN where its better to do that instead of a will. They had done it before on the other property so must be a $$$ advantage and maybe keeps its from being contested?? I don't know my estate and property laws at all.
Thank you for that information.Hopefully this will help.
Anyone who owns property can transfer it via quitclaim deed. You're giving away your ownership to property. Many older people do this when they are approaching the age that they may need assisted living help. They'll deed property to their children or to trusts so if they need nursing home care, property won't be held against them in calculating the help they're entitled to. It is rare in practice to deed property back to an older person because it could affect these calculations.
You can also transfer property through a will. You can designate who gets what after you die. If your total estate is less than a certain amount (I think $2 million, but it changes every year), you are exempt from estate tax. So a house worth $100k is not really something you have to worry about estate tax with.
If you die without a will, your estate goes to probate and your assets are distributed according to the laws of intestate succession in your state. Generally it goes to your spouse. If no spouse, to your children equally. If no children, to your parents. If no parents, to your siblings.
So things only get complicated if you die without a will and with complicated family relationships. There's no reason to quitclaim property around for tax purposes.
ETA: The estate tax exemption is up to a wooping $11.8m this year!!
Hopefully this will help.
Anyone who owns property can transfer it via quitclaim deed. You're giving away your ownership to property. Many older people do this when they are approaching the age that they may need assisted living help. They'll deed property to their children or to trusts so if they need nursing home care, property won't be held against them in calculating the help they're entitled to. It is rare in practice to deed property back to an older person because it could affect these calculations.
You can also transfer property through a will. You can designate who gets what after you die. If your total estate is less than a certain amount (I think $2 million, but it changes every year), you are exempt from estate tax. So a house worth $100k is not really something you have to worry about estate tax with.
If you die without a will, your estate goes to probate and your assets are distributed according to the laws of intestate succession in your state. Generally it goes to your spouse. If no spouse, to your children equally. If no children, to your parents. If no parents, to your siblings.
So things only get complicated if you die without a will and with complicated family relationships. There's no reason to quitclaim property around for tax purposes.
ETA: The estate tax exemption is up to a wooping $11.8m this year!!
Okay, here's the decision. Some MSM is releasing AQW's name, other MSM has chosen not to. We are going to split it down the middle.
Websleuths will allow discussion and sleuthing of AQW as long as only his initials are used in this discussion.
Members may link to articles that contain his full name; the link itself is allowed but members must use ONLY his initials in referencing him here at Websleuths.
Please Report any post that contain this individual's full name.
That just ruined my morning. I was jubilant that no one had been killed. I hope he finds his cat alive.
I wonder if there’s any connection to this:
Feds warn of attacks related to bogus COVID-19 conspiracy theory
“We assess conspiracy theories linking the spread of COVID-19 to the expansion of the 5G cellular network are inciting attacks against the communications infrastructure globally and that these threats probably will increase as the disease continues to spread, including calls for violence against telecommunications workers,” the U.S. Department of Homeland Security reported Wednesday in an intelligence report obtained by ABC News.