Does Kentucky have an estate or inheritance tax?
Does Kentucky have an estate or inheritance tax?
There is no Kentucky estate tax. For more information, see page 2 of the Guide to Kentucky Inheritance and Estate Taxes.
How much is estate tax in KY?
Kentucky has no estate tax, making it one of 38 such states.
How do I claim adverse possession in Ky?
A trespasser’s possession must be (i) hostile (against the right of the true owner and without permission); (ii) actual (exercising control over the property); (iii) exclusive (in the possession of the trespasser alone); (iv) open and notorious (using the property as the real owner would, without hiding his or her …
How do I transfer a deed in Kentucky?
either (1) a sworn, notarized certificate signed by the grantor or his agent and the grantee or his agent, that the consideration reflected in the deed is the full consideration paid for the property, or (2) a sworn, notarized certificate signed by the grantor or his agent and the grantee or his agent, stating that the …
What is a straw man deed?
A straw deed is when two deeds are filed in quick succession, the first from Party A to Party B and then the second from Party B back to Party A. This is used to sidestep legal restrictions of sales between spouses or joint owners, or to incorporate a new survey description.
Why is a straw purchase illegal?
A straw buyer is someone who buys something on behalf of another person. This act is considered an illegal scam if the deal is made to commit a fraud, or if a person buys something for another person who cannot legally make the purchase on his/her own.
What is a straw man in real estate purchase?
A straw buyer, or straw purchaser, is a person who purchases on behalf of another person. A straw buyer is used when the real buyer cannot complete the transaction for some reason.
What is a straw man in money laundering?
A straw man is also “a person of no means,” or one who deliberately accepts a liability or other monetary responsibility without the resources to fulfill it, usually to shield another party.
Is property flipping illegal?
That was—and is—legal. However, there are some illegal property flipping schemes out there. This is how they work: A con artist buys a property with the intent to re-sell it an artificially inflated price for a considerable profit, even though they only make minor improvements to it.
Why is it called straw purchase?
The oil would be cooled on ice, so it crystallized to form rocks. The crackling sound the mixture made when it was boiled gave the drug its name.
Is Straw buying cars illegal?
A “straw purchase” is when a car buyer is unable to qualify for a loan due to having bad or no credit, but then has someone else (a friend or family member), with good credit, purchase the car for them. Unfortunately, this method of buying a car is considered fraud and therefore illegal.
Can you buy a car for someone in their name?
Know your loan options If you purchase a car for someone else, you have the option to have the loan in your name or to cosign with the individual you’re buying it for. The only way to buy the vehicle as a surprise is to put in the loan in your own name. The title may be registered under both names.
Is it illegal to get finance for someone else?
If you are applying for finance on behalf of someone else, and you do not intend to be the primary user of the vehicle, you will be lying to the finance company and that is considered fraud. In such circumstances, both persons involved would be committing fraud by attempting to cheat the finance company.
Are straw loans legal?
A straw purchase becomes illegal if a borrower takes a loan on a car in his or her name and does not reveal that the car will be in the primary care and control of someone else. A car loan contract is also illegal if the buyer uses someone else’s information to secure the loan.
What is a ghost mortgage?
A silent second mortgage is a second mortgage placed on an asset (such as a home) for down payment funds that are not disclosed to the original lender on the first mortgage. The second mortgage is called “silent” because the borrower does not disclose its existence to the original mortgage lender.
What does loan flipping mean?
Dictionary of Real Estate Terms for: flipping (loan) flipping (loan) the process of inducing a borrower to repeatedly refinance an existing mortgage, each time charging fees for both the new loan and a prepayment penalty on the old loan. Typically the fees are financed into the loan.
What is mortgage chunking?
Chunking occurs when a third party convinces an uninformed borrower to invest in a property (or properties), with no money down and with the third party acting as the borrower’s agent. Without the borrower’s knowledge, the third party submits loan applications to multiple financial institutions for various properties.
Can mortgage company withholding insurance money?
Mortgage company won’t release insurance funds Mortgage lenders can and do hold insurance funds. Remember that your mortgage lender has a substantial investment in your home too.
What is mortgage churning?
Churn occurs when lenders convince borrowers to unnecessarily refinance their mortgage, and results in unusually fast prepayment speeds. “Churning can cause a VA borrower to pay an above-market rate for a period of time and additional origination fees on the new mortgage.”
Does churning hurt your credit?
What’s worse is that credit card churning could hurt your credit score. According to the FICO® credit scoring model, new credit inquiries account for 10% of your score. Closing credit card accounts after getting your sign-up bonuses can also cause your credit score to drop.
