If your parents own a home, there’s ONE thing you should look into before they pass away. 🏠 Don’t automatically assume they should add you to the deed or gift you the house while they’re alive. Depending on the situation, inheriting the home after death may give you a step-up in cost basis, which can potentially save a HUGE amount in capital gains taxes if you later sell. But you also need a plan for how the home transfers. Depending on the state and your family’s situation, that could mean a living trust, transfer-on-death deed, or other estate-planning strategy that may help avoid probate. The wrong move could create unnecessary taxes, legal fees, and headaches for your family. Talk with a qualified estate-planning attorney and tax professional before changing the deed or transferring ownership. For educational purposes only. This is not legal, tax, or financial advice. Estate and tax laws vary by state and individual circumstances.
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