Income Over Wealth

A will does not keep your house out of probate court, and the deed on file is what decides whether your kids wait on a judge

Show Notes

A will does not move your house. It gets filed with the probate court, usually within 10 to 30 days of a death, and the title stays in your name until a judge signs it over. In seven states the fee is calculated on what the house appraises for with the mortgage ignored, which runs about $11,700 on a $434,000 home even with $150,000 still owed. This episode covers the three documents that transfer a house without a judge, plus the shortcut that skips probate and hands your kids a much bigger tax bill.

  • What probate actually costs on a median-priced home, and why the mortgage does not lower the bill in 7 states
  • The transfer-on-death deed and the Lady Bird deed: which states allow each one, and what they cost to record
  • Why a trust you paid for can stop working after a refinance, and the 10-minute check on your county's website that tells you whether yours still owns the house

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Watch this episode on YouTube: https://www.youtube.com/watch?v=ZV-jA05D_1o

This episode is educational and focused on strategy and math. Always consult a qualified tax or financial professional before making personal financial decisions.

What is Income Over Wealth?

Retirement is an income problem, not a net-worth problem. Dan Wilson is a real estate investor, not a financial advisor. He buys and rents houses in Ohio, funds them with private money instead of bank loans, and built enough income from real estate to leave the Air Force. Twice a week, in about fifteen minutes, he works out how to replace a paycheck in retirement: where monthly income actually comes from, what each source costs you in risk, and how private lending works, including what to demand from any borrower. Every episode is also a video on YouTube. Free tools, the weekly letter, and every episode's notes are at https://incomeoverwealth.com. Educational only. Not financial, legal, tax, or investment advice, and not an offer or solicitation of any investment.