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Dear Annette-
Mom and Dad have lived in their home since 1972, both have since past. A few years back, mom files a Quit Claim Deed, adding us children as owners of the Home as Joint Tenants with rights of survivorship. We now want to sell what are the tax complications.

Thank you for your email and being a listener and sorry for your family’s loss.
I would love to come and see the home and offer my assistance as a Real Estate Broker to help you with your real estate needs. Being in the business for almost 30 years, I have handled many situations like this with family estates.

But to answer your question based on my knowledge…………

When a parent transfer of all ownership to the children, the parents deed the property to the child and the parents as joint tenants with rights of survivorship, then when the parents die, the child will inherit the property outside of probate and the child’s basis in the property will be the fair market value of the property at the parents’ death. This is referred to as a stepped-up basis. Property owned as joint tenants with a right of survivorship transfers outside of probate and the survivng owners automatically inherit the share of the deceased joint tenant. If the child then later sells the property, the capital gains owed will only be the extent of any appreciation in the property after the date of the parents’ death rather than paying capital gains on the amount equal to the fair market value at the date of sale over the amount of the parents’ original cost basis.

-Annette Compo

January – Take a look at your 401K – if your employer matches you, try to max that contribution out.
February – Tax Time! You have all of your documents – get the fact on paper and know if you owe or will receive a refund.
March – Scan! Scan! Scan! Try to go paperless and scan documents that you need.
April – Pay what you owe if you do to the IRS. If not plan a smart use of your refund. Pay down debt first then throw in rainy day fund and take 10% and go spend on you and your family!
May – Tweek Insurance! Evaluate your insurance needs and see if you had any changes that you need to reflect on your insurance.
June – Try to trwo an extra 15% this month in your retirement.
July – Think about Estate Documents. Do you have a will – trust – power of attorney. Make sure your wishes are in writing.
August – Talk about money strategies with your children or grandchildren. They duplicate what they are taught or see!
Septemeber- Time to check the credit. Look for mistakes as well as close accounts that you don’t need.
October – Life Insurance is important – Do you have enough and have you been saving in your raining day fund. You need to strive to have 1 year of monthly expenses.
November – Take a look at Health Care – Maybe look into higher deductables because you have been healthy.
December – PAY CASH FOR THE HOLIDAYS! If you don’t have it – don’t buy it!

Baby steps for better financial decisions builds a better quality of life!

Flip the Story In Your Mind
When a hiccup in life occurs, don’t let it define you. In every situation there is a flip side to it. The flip side is what your decision is on how you view it and then react to it. Next time you’re dwelling on all that’s going wrong, ask yourself, how does this setback make me stronger, smarter, or clearer about what I want? Once you do, you’ll be on your way to relying on your own resourcefulness to achieve your heart’s desires.

Starting January 5, 2014 – Start the New Year with us at our new time and day on Sunday from 4-5pm.
Listen or hear us on or Call (877) ANNETTE!

Resolutions are great but what is important, is progress. Don’t make a resolution because it may be just a wish list. To make a lasting change you need a vision of what you truly want. I do not mean things – I mean what excites you! You need something that will compel you. Not something that will pull you into a change but what can you do that you are willing to push for. Being compelled means it becomes the one thing that keeps you up at night… It is always on your mind….Do you have strong enough reasons that will force you to push through your fear or obstacles?
Progress = Vision + Reason
You want a Lasting Progression – Raise Your Expectations! ~Annette

A Few Ways to Start 2014 on the Right Foot!
1. In LIFE there is always a cross road. Which way do I go? Always take the choice that puts you uncomfortable. WHAT!!!! Stop this madness! It is true, when your uncomfortable you are growing. The road that is less traveled will be the one that may have more challenges but the results are greater.
Few ideas for you and your business…The more you attend events where you don’t know a soul, dare to travel by yourself, or simply introducing yourself to someone that you don’t know, will give you greater success. It builds your self confidence in your career and creates an opportunity to impact someone’s life positively with what you do!
To put yourself in the way of fresh opportunities, think beyond family and friends to farther yourself- meet others. Facebook and other social media outlets have helped me stay in contact with people but more importantly re-connect with ones from my past. These people on the periphery of your day-to-day life may hold the most potential to deliver the magic of “I know someone who knows someone,” a link that can lead you to something unexpected and wonderful.
~ Annette Compo
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Let us leave 2013 with all of its struggles, joys and memories and let us fully enter a new moment in time, setting our sights on stars farther out, charting the course for our highest performance and contributions. Show to others our wish to change and let us have courage to do so. Yes, let us be brave and chase a vision that is bigger than us that the thought of accomplishing it creates anxiety but a passion that fills our heart and soul. Under no circumstances will failure become a word that is even breathed. Anything that has meaning to us, let us rise to the occasion and run after it with full intensity until we have captured it.
Let us be more focused and true to ourselves and others. We may fall but we will learn to be more knowledgeable from the experience knowing that it builds character and it shows the truth in our commitment. May we learn from someone in every situation instead of having a judging face. We can gain insight and knowledge from others and in many cases it can help us clarify what we want as well as increase our own feeling of being thankful and grateful for everyday.
Live life as a perfect world and you will see the power of your belief.
Do something EXTRAORDINARY in 2014; it will feed your heart and soul. ~ Annette Compo

Tune is to Real Estate 411 and Real Estate Today featured by National Association of Realtors.
Starting January 5, 2014 Real Estate Today will be on from 3-4pm with Real Estate 411 on from 4-5pm. Two Hours of Real Estate knowledge to help you make educated decisions with your largest investment.

You can listen and get your real estate questions answered on WJR 760AM – – (877) ANNETTE !

If the word Real Estate is something that intrigues you….Becoming a Realtor might be for you.
If you find yourself on the internet with the glow of the screen light on you while looking at homes…….. Becoming a Realtor may be for you.
If you share your opinions with your friends about their house …. Becoming a Realtor may be for you.
If you like to share important moments within people lives…. A career in Real Estate is for you.
Real Estate has given me throughout the years, the ability to be a part of an individual or family’s life and help them through one of the most important times within. This opportunity has allowed me to have a snapshot into my client’s life and help them through education to purchase or sell their castle or investments in real estate…. and for that I am truly humbled.
If you would like to explore a career in Real Estate….reach out to me and let’s share a cup of coffee and talk about what you would like to accomplish!
In the Real Estate Industry – the world is a blank canvas and hard work and enthusiasm are the paint brushes.

Call (877) ANNETTE or Contact me here on my website!

Are You Concerned that You Don’t Know Who To Call?

Are You Frustrated With a Lack of Results in the Past?

Tired of Hearing Excuses from the Real Estate Industry?

I am too! As a broker and agent, I’m appalled at the excuses and lack of effort I have seen in the real estate industry. You deserve better. This is your largest investment and there is no room for excuses.

That’s why you won’t hear any from me or my team! As your personal real estate consultant, I’ll make sure that every effort is made to get the results you intend. Real estate transactions are like any other business—it takes professionalism, commitment, hard work and financial investment on the part of the agent to make things happen.

You wouldn’t stand for excuses and inaction in your business. Why settle for less in your real estate transactions?

Talk to me today to see how different working with me will be. Because your real estate aspirations deserve the same standard of service you’ve come to expect in life.

I am wired for No excuses and High-impact results.

-Annette Compo
Your Real Estate National Industry Expert