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"A quitclaim deed is what some people think is called a “quick” claim deed – but the correct terminology is quitclaim deed. In North Carolina, a quitclaim deed is a document that is signed by two parties with the purpose of transferring one party’s interest in real estate to another party."
Does your property have a mortgage? If so, that may complicate matters if that mortgage is not assumable. A quitclaim might also have tax consequences if it is recognized to be a gift. Just off the top of my head, an exchange of the property for a token amount of cash AND a legal agreement supporting your care by personal labor or other means might fly. What you may want instead is a life estate.:
Remember that credit card debt is UNSECURED debt and if a person dies before repaying and there isn't money in the estate to pay it, it is written off and heirs do NOT have to pay it off.
Just as an anecdote from a number of years ago, I remember a story of an old man who bought an expensive vehicle and financed it through the dealer, which had an add-on insurance that would pay off the loan in full if the owner died. He did and it did, and the sale of the car paid for his funeral.
I own my home--no mortgage but when you say there isn't any money in the home it is still an asset correct? I just worry about everything. Bad habit lately. But i sure appreciate any info I can get here! Thanks.
Yes, it is an asset. If it can be removed from any estate, and government aid isn't involved, it wouldn't pass through probate and would be safe. Liens against the home, say for roof repairs or unpaid taxes WOULD follow the home. Credit card bills would not. These are general rules, and a local attorney specializing in elder law and probate would be able to flesh out details and pitfalls.
Good Morning Everyone......I am up; coffee made; and my PT exercise routine has been done! I have to go for an 11:30 apptmt for PT at the Dr's office bldg. This exercise routine is working for me in more ways than one; I have lost about 15 pounds over the past month. Part of that is due to increased exercise and activity and part is that I have been sticking to my vegetarian diet and also not having alcohol. (last night I had one glass of Sake which is Japanese rice wine; that was my first alcohol in over a month. I have stopped using the opiod med for pain.....so felt it was safe to have it.)
Only selling is to my daughter and I think I will be gifting it. Still checking things out. I have time so I am not in a hurry--taxes are 1/2 price for me because of my age so no reason to do it this year. I did talk to my attorney's secretary thank God she does have my paper work!Now to get to talk to the attorney.
Today Spectrum is suppose to come and install a whole new system. Sure hope they just bill me. I got another bill from Windstream and it was for the entire month last month so I called them and told them I would not pay for the 2 weeks I had no service so they agreed and are sending me a new bill. Juat hope this new system does not take a lot to learn to use.
I keep swaying from fighting this disease and just giving up. Seems like there is so much to do and I am so tired. I know my kids, animals and family care so that is helping so much. I am scared. So much new to learn and while I am so over whelmed my brain feels like a marshmellow! UGH!Money remains my big issue so now I need to sell so items I still have here. They are far from enough but will help!
My friend who took me and picked me up at the airport has asked me to go to Myrtle Beach for the week next week. I think he just wants to keep my mood up and I appreciate that. My neighbor greed to care for my kitties for that time so guess I'll go.Wish I could feel more excited about it------
Good for you elston--you are doing so good!
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