Estate planning lessons from other’s mistakes

On March 11, 2016 I got the call of a lifetime… and I do not mean that in a good way. I got the call from the police, in Logan, Utah, that my mother had been shot to death by her husband. This is not a post about domestic abuse, gun control or mental health awareness. That’s not the point of my webpage. This is an estate planning and probate website so let’s talk about those aspects of this horrible situation. First of all I have posted before, since my mom’s death, about some of things I learned. I want to take those posts and go a step further here. I want you to be able to learn from other's mistakes. Just last week I paid off her mortgage. You would think that would be easy to do, right? That is, I have my mom’s money, my mom owed the bank some money, and therefore 2 + 2 s
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Reverse Mortgages after death

INTRODUCTION I received a call the other day asking how houses with reverse mortgages are handled after death. Reverse mortgages are just mortgages.  Thus the mortgage has no bearing on what procedure is used after death to clear title to an asset. BACKGROUND In the beginning (1960′s and 1970′s) reverse mortgages often had draconian repercussions after death.  The house simply went to the bank.  I have heard stories of people receiving small payments and then dying (prematurely) creating a windfall for the bank.  Now days, however, a reverse mortgage is just a special kind of mortgage. It’s available to individuals 62 and older for the purpose of creating more retirement income for the individuals. The bank has a claim against the house, like any other mortgage, that kicks in
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