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Message: <blockquote data-quote="longrangepistol" data-source="post: 3611194" data-attributes="member: 4182">Since this home is your primary residence, you have a $250,000 exemption ($500k for a couple) on any capital gains (difference between what you paid for and you sold your house for) on your personal home. If you choose to hold onto it and turn it into a rental and it appears on your tax return as a rental under schedule C or a separate entity you will eventually lose this personal home exemption on the capital gains. I believe in the current real estate market we will not see this type of appreciation/ bubble for a very long time after it bursts in the next 9 to 12 months. My recommendation has been if you can sell your home and pull your money off the table, go rent a place for 12 months, and when the bubble bursts go pay cash for another home and pocket the difference.Exempt proceeds from a personal home sale should be kept in a separate account and never commingled with a fiancé or spouse that you’ve yet to marry or have just married. Because this isn’t your first rodeo, I would recommend a prenuptial agreement to set out all of the separate assets and any assets acquired with your separate property. A prenuptial agreement can also include language that addresses spousal support (and not having to pay it) should this marriage not work out.  Find a reputable financial advisor and invest your money wisely and in line with your age. There are much better rates of return out there if you have a good financial advisor than your average 1.0 to 1.5% rate of return that most people think only exists.  Probates do not happen overnight.  Between the initial filing of the petition for probate the hearing being set for letters of administration, the notice to creditors and the time for creditors to apply for claims and the cleaning up of any residual issues at a minimum it’s generally 5 to 7 months. If there are title issues on property there may have to be some cleaning up of those title issues prior to the final accounting with the court. If your mother’s home was deeded in joint tenancy with your dad at the time of his passing that house would not be part of the probate estate by operation of law. All it requires is an affidavit terminating joint tenancy (along with the death certificate) filed within the county clerk of record where the home resides to effectuate the transfer of that property to your mother, outside of the probate estate. Once the attorney has accounted for all the assets there’s a filing of a petition for final accounting with the court, publication of the notice and the hearing is set out 30 to 45 days after the filing. If there are no creditors claims or objections to the final accounting the probate will be closed. If your father died without a will, (which is called dying intestate), this could potentially add additional time to the probate because of descent and distribution problems of potentially unknown heirs. Yes, it is true you can hire and fire attorneys like you can do an electrician or plumber. They work for you and your mother not for themselves. Don’t be afraid to ask questions document everything in writing including emails confirming any telephone calls you have with counselLRP</blockquote>

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