Leaving a Home to Heirs While You Live

Estate planning...

Some of the considerations in leaving a home.

As baby boomers age and head into retirement, estate planning has become a thriving business, Kaya Laterman reports on nytimes.com.

And how best to deal with our homes — often our most valuable asset — is among the most fraught questions that need addressing, she wrote.

Sell and downsize to leave a larger pot of cash for heirs to divide? Deed the house or apartment to your adult children now to avoid squabbling after you’re gone? If so, where do you live in the meantime?

And then there are inheritance taxes, probate delays and costs and more.

Creating a trust, however, can lower those costs and be paid by you upfront. And named beneficiaries of a trust do not have to go through probate, Laterman added.

For more:  https://www.nytimes.com/2017/08/25/realestate/estate-planning-home.html

Photo: nytimes.com.

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