Since 1998, Jayne and Abdelfatah "Ed" Elebiari owned a condominium at the Auburn Woods I complex. Seven years before their condo purchase, Ed was in a serious car accident and suffered brain damage that required three surgeries. He is hydrocephalic, has a seizure disorder, severe headaches, and suffers from depression.

His psychiatrist also diagnosed him as having bipolar disorder and obsessive-compulsive personality disorder. Ed's doctor considers him to be permanently disabled and incapable of working.  more...

DEAR BOB: In 1994, my wife inherited a house from a living trust. We have lived in it since then. When we took possession, it was worth $350,000. Today, it is worth about $1 million. If we sell it today, will we be free from capital gains tax because the property came out of a trust? Or would the first $350,000 be tax-free and we can add our $500,000 to that? – Michael F.

DEAR MICHAEL: Congratulations on the outstanding market value appreciation in that home. The adjusted cost basis for the home is its market value on the date of the decedent's death, presumably $350,000.  more...