While no one wants to deal with their own mortality,there's a right way and a wrong way to transfer a home posthumously. The right way requires having a documented plan. The wrong way could stick your loved ones with a tax bill so large they may have to sell the home just to cover it. And the saddest part of not having an estate plan is the mess you leave for your loved ones to untangle after you're gone.
With just 4 minutes for the segment posted above , The Today Show rushes through some very important estate planning considerations, but that doesn't make the points any less relevant.
Among the estate planning tips:
- Even a simple will can big protection
- For multiple beneficiaries, consider a trust agreement
- Avoid taxes by "selling" your home to heirs while you're still living
Estate plans are simple, are cheap, and affords protection from the state and the IRS. Every homeowner should have one.And though the points made here are important, remember they are very basic. If you have someone to consult with to review your own specific needs, why not give them a call and make an appointment. I'll bet you'll feel better after you do!.