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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
May 27, 1994
Page
3
A terminally ill homeowner weighs whether to deed the house to his daughter and grandsons now or leave it to them by will. Deeding now transfers the low adjusted cost basis to recipients, triggering capital gains tax when they sell. A will-contest risk is nil since sons expect other property. Return to seek professional tax and estate guidance.
Real estate expert discusses living trusts to avoid probate and protect heirs, risks of leaving property to minors, and the need for guardians unless a trust or attorney guidance. The column covers condo short sales, deed in lieu options, lender conditions, and potential small claims court action for a stolen refrigerator with agent liability.
A long list of real estate transfers is recorded, naming buyer and seller pairs across numerous parcels in Lawrence area subdivisions. Notable entries include Grace M. Puckett to Frank D. Smith and Jeanne M. Smith for lot 107 in West Lawrence and Colonial L.L.C. transfers in Colonial Place. The register logs dozens more transfers involving tracts and lots across Westgate, Pinecrest, Pinnacle West, Summit areas, and various subdivisions, reflecting a busy period of property exchanges and by older and newer entities.
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