All of my brokerage and bank accounts list my two adult kids as beneficiaries. I'm comfortable with this as the process went smoothly when a parent passed away. The remaining assets are our house and a couple of older cars. I'm mainly concerned about the house.
Can I simply add my kids to the deed of the house, doing this through my county"s real estate department? If so, I assume that would be considered a gifts so I would have to file the appropriate IRS form. I'm aware that no tax would be due as my "Gross Estate" is well below the amount for which estate tax would apply.
I know nothing about trusts but hear them mentioned a lot. My assume that they are a way to avoid probate. If that's right, the other option would be to set up a trust just for the house and cars, naming my kids as beneficiaries. I would of course use my lawyer for this purpose.
Can you comment on these two options? Are there any other ones:
Thanks.
Can I simply add my kids to the deed of the house, doing this through my county"s real estate department? If so, I assume that would be considered a gifts so I would have to file the appropriate IRS form. I'm aware that no tax would be due as my "Gross Estate" is well below the amount for which estate tax would apply.
I know nothing about trusts but hear them mentioned a lot. My assume that they are a way to avoid probate. If that's right, the other option would be to set up a trust just for the house and cars, naming my kids as beneficiaries. I would of course use my lawyer for this purpose.
Can you comment on these two options? Are there any other ones:
Thanks.
Statistics: Posted by AAA — Thu Jan 09, 2025 12:07 pm — Replies 12 — Views 677