Probate Avoidance Gymnastics

I invite you to experience a common conversation I have with clients regarding their estate planning: Client: For “x” reason I want to avoid probate so I added my daughter as an owner of my house, so when I pass away, my house will not go through probate. Me: That is true – your house will avoid probate, but in adding your daughter as an owner, you’ve made a gift, which has tax implications. At a bare minimum, you might want to file a gift tax return which may run you several hundred dollars. Client: Alright. That’s not a big deal. Me: Another thing – you’ve lived in your house a long time, and it’s now worth about $250k more than when you bought it. If you had not added your daughter as a

Recent Posts
Search By Tags
Follow Us
  • LinkedIn Social Icon
  • Facebook Social Icon