Give Property To Kids (by JM [MD]) Apr 17, 2023 4:43 PM|
Give Property To Kids (by Jim in O C [CA]) Apr 17, 2023 4:48 PM
Give Property To Kids (by WMH [NC]) Apr 17, 2023 5:08 PM
Give Property To Kids (by Landlord ofthe Flies [TX]) Apr 17, 2023 7:00 PM
Give Property To Kids (by Landlord ofthe Flies [TX]) Apr 17, 2023 7:01 PM
Give Property To Kids (by kevin [FL]) Apr 17, 2023 7:46 PM
Give Property To Kids (by WMH [NC]) Apr 17, 2023 9:34 PM
Give Property To Kids (by BRAD 20,000 [IN]) Apr 18, 2023 1:10 AM
Give Property To Kids (by myob [GA]) Apr 18, 2023 6:57 AM
Give Property To Kids (by Ray-N-Pa [PA]) Apr 18, 2023 7:13 AM
Give Property To Kids (by S i d [MO]) Apr 18, 2023 8:57 AM
Give Property To Kids (by Oregon Woodsmoke [ID]) Apr 18, 2023 11:58 AM
Give Property To Kids (by Nicole [PA]) Apr 18, 2023 8:33 PM
Give Property To Kids (by Landlord ofthe Flies [TX]) Apr 18, 2023 10:53 PM
Give Property To Kids (by Robert J [CA]) Apr 19, 2023 12:20 AM
Give Property To Kids (by myob [GA]) Apr 19, 2023 6:32 AM
Give Property To Kids (by zero [IN]) Apr 19, 2023 8:46 AM
Give Property To Kids (by PG [SC]) Apr 19, 2023 10:35 AM
Give Property To Kids (by WMH [NC]) Apr 19, 2023 11:28 AM
Give Property To Kids (by Lucy [IN]) Apr 20, 2023 4:43 PM
Give Property To Kids (by Pmh [TX]) Apr 20, 2023 6:21 PM
Give Property To Kids (by Lucy [IN]) Apr 20, 2023 6:28 PM
Give Property To Kids (by zero [IN]) Apr 21, 2023 7:48 AM
Give Property To Kids (by Jim in O C [CA]) Apr 22, 2023 9:09 AM
Give Property To Kids (by Jerry [NC]) Apr 23, 2023 11:58 AM
Give Property To Kids (by Jeffrey [VA]) Apr 23, 2023 5:55 PM
Give Property To Kids (by wmh [NC]) Apr 23, 2023 7:29 PM
Give Property To Kids (by Or [MI]) Apr 24, 2023 1:09 PM
Give Property To Kids (by D [IN]) Apr 24, 2023 1:16 PM
Give Property To Kids (by Jill Schutte [CA]) Apr 24, 2023 1:45 PM
Give Property To Kids (by Steve [FL]) Apr 24, 2023 1:45 PM
Give Property To Kids (by Gail Coefield [CA]) Apr 24, 2023 1:45 PM
Give Property To Kids (by Bruce Williamson [VT]) Apr 24, 2023 2:17 PM
Give Property To Kids (by David Krulac [PA]) Apr 24, 2023 3:13 PM
Give Property To Kids (by Daisy [GA]) Apr 24, 2023 11:52 PM
Give Property To Kids (by Kevin C [WA]) Apr 25, 2023 2:09 AM
Give Property To Kids (by JP Whitaker [VA]) Apr 25, 2023 7:49 AM
Give Property To Kids (by MARLENE [WI]) Apr 25, 2023 8:11 AM
Give Property To Kids (by Jerry Ricci [FL]) Apr 26, 2023 10:49 AM
Give Property To Kids (by Lucy [IN]) Apr 29, 2023 2:59 PM
Give Property To Kids (by David Krulac [PA]) Apr 29, 2023 3:45 PM
Give Property To Kids (by WMH [NC]) Apr 29, 2023 5:47 PM
Give Property To Kids (by zero [IN]) Apr 30, 2023 7:27 AM
Give Property To Kids (by Peggy Rahe [OH]) May 5, 2023 4:33 AM
Give Property To Kids (by JM [MD]) Posted on: Apr 17, 2023 4:43 PM
I'm looking to give the properties to the adult kids in a few years. Can I just add them to the deed? Will there be capital gains? What's the easiest and least expensive way to do this? I thought trusts involve early fees. Thanks in advance.
Give Property To Kids (by Jim in O C [CA]) Posted on: Apr 17, 2023 4:48 PM
Iím not a CPA, but adding kids to the deed, I believe, causes a tax consequence. Our kids will inherit our properties and get a stepped up basis so they could sell them with no gain.
Time for paid legal estate planning. --99.23.xxx.x
Give Property To Kids (by WMH [NC]) Posted on: Apr 17, 2023 5:08 PM
When my grandfather put my dad on the deed of some property back in day, it caused a huge tax bill - my grandfather had purchased 7 house lots for $700 in a little-known town in Massachusetts back in the day. By the time he died and my dad sold the land it had risen in value exponentially. It was on Cape Cod! So dad had to pay taxes on the gain from $100...left him with very little compared to what my grandfather had intended.
Had he left it to him in trust or even in a will, it would have been much much better.
Don't go the easiest or even the cheapest route now - go for the best route for your kids.
Consult an estate attorney. --50.82.xxx.xxx
Give Property To Kids (by Landlord ofthe Flies [TX]) Posted on: Apr 17, 2023 7:00 PM
One option that my mother did was to create an Irrevocable Trust and the only thing in that trust was a life insurance policy. Every year she contributed the life insurance payments to the trust and as the Trustee, I made the payments on the policy from those contributions. Those contributions count as gifts to me since I was the sole benefactor of the trust. When mother died, the trust's insurance policy was paid (rather quickly I might add) and that cash was held in the trust. Since it's an insurance payment, it's tax free. That extra cash from the life insurance policy was used to pay the estate taxes or a large portion of them. She also had stores of cash saved up from which to pay the taxes too. In the end, the insurance policy and cash on hand were sufficient to pay the inheritance / estate taxes. No assets had to be sold to make tax payments. --108.69.xxx.xxx
Give Property To Kids (by Landlord ofthe Flies [TX]) Posted on: Apr 17, 2023 7:01 PM
Sorry didn't mean to use the word Trustee, I meant executor. I was both the sole benefactor and the person in charge of running the Irrevocable Trust.
Either way, see an accountant. --108.69.xxx.xxx
Give Property To Kids (by kevin [FL]) Posted on: Apr 17, 2023 7:46 PM
Remember adding anyone else on the title exposes the property to any lawsuits, divorce settlements and judgments as well as a tax problem. Pay for a good estate attorney for advice. --185.197.xxx.xx
Give Property To Kids (by WMH [NC]) Posted on: Apr 17, 2023 9:34 PM
It's not that expensive either. I think we spent $3500 or so to set up the Family trust, pour-over wills, POAs and Medical Directions, etc. We used an Estate firm, not our RE attorney...
We made a small change two years later and it was like $600. --50.82.xxx.xxx
Give Property To Kids (by BRAD 20,000 [IN]) Posted on: Apr 18, 2023 1:10 AM
I'm not a CPA but I handled properties after the deaths of each of my parents.
Ideally hold the property and let them inherit is at it's stepped up basis (current value). They can sell it at that price and not pay taxes on it.
If you add them to the deed they will have to pay taxes on the price increase from when you bought it AND and the depreciation going back to when you bought it.
Also, you are liable along with them for what THEY do. Example: they kill someone with their car. The bloodhound attys will take the property.
And for their debts and bankruptcy.
Being given real estate is like a monetary gift - increased income. Higher income can change their status for tax credits, health insurance, assistance, programs, etc.
Side note: we have advised our adult children to not expect any money from us. We straightened their teeth, paid for college, and pointed them in the right direction. It's up to THEM to build their fortunes.
I see lots of LLs wanting to FEEL GOOD by gifting property but it is not always good for the receiver.
I have bought many houses from heirs who could not care less and sold super cheap because they had not skin in the game.
Give Property To Kids (by myob [GA]) Posted on: Apr 18, 2023 6:57 AM
There's an order to life AND death. Plan you order now.
Our biggest fear (other than dying of course) was a mess left for others to clean up. I know you all know what I mean. Time is now to plan-- cause it's coming.
We set up our trust acct back in 2001. Cost was 6500.00. 2 years ago we updated, with a new Estate Atty for 2600.00. As WMH says do the whole plan.
Give Property To Kids (by Ray-N-Pa [PA]) Posted on: Apr 18, 2023 7:13 AM
Instead of the irrevocable trust, I would recommend placing the property into a revocable land trust. Then you can assign the beneficial interest to whom ever you would like.
The only irrevocable trust I have created has been my living trust. This outlines what happens when you die. I don't ever plan on becoming undead after I die. The draw back in Pa with using them to transfer real estate, is the state inheritance tax. Maryland might have a different tax structure but in Pa it is 0 % for spouse, 7% for kids (and/or parents), and 15% for everyone else. That lifing trust does allow you manage your affairs from beyond the grave so they are a good idea though.
Now by placing the property into a land trust instead, the transfer of beneficial interest isn't a recordable event - so no tax. The trust still owns the place - it is just who benefits changes. So if the child get hooked on dope after the transfer of the beneficial interest, you can always transfer it to anyone else. --24.101.xxx.xxx
Give Property To Kids (by S i d [MO]) Posted on: Apr 18, 2023 8:57 AM
Lots of great advice above. The best advice is to hire a professional, experienced estate attorney to help deal with this. You may also need a CPA who specialized in inheritances.
This is not the time to be a typical landlords and go for a cheap, DIY solution. If it costs $5,000, so what if that saves you $50,000 in taxes and costs?
The rich hire professional help. The lower classes think they can be a jack-of-all-trades and "get 'er done." Can't tell you how many folks I've heard make the mistake of not seeking professional guidance. This is why the old statement is true: "The rich get richer and the poor get poorer". The difference is often in having proper knowledge and execution of the proper actions.
P.S. I am not a professional, but everything I've ever read and heard says just adding them to the deed while you are still alive is not a good strategy. Whatever you do--even if you choose to DIY this--don't do that. The simplest DIY method would be to file a Beneficiary Deed. Draw up the document now or hire a title agency or lawyer to draw it up for you, record it with the local Recorder of Deeds office. It only goes into effect when you die and will automatically transfer ownership interest to whichever party(ies) you name... AFTER death. This will keep it out of probate. Very similar to a TOD (Title on Death) for a motor vehicle or POD (Paid on Death) for a bank account or investment account.
Give Property To Kids (by Oregon Woodsmoke [ID]) Posted on: Apr 18, 2023 11:58 AM
Are you trying to get rid of your property or are you simply trying to get real estate into the hands of your kids so that they have income?
You can gift them $17,000 a year for several years, so if your goal is for them to have investment property, then buy something with new money, put it into the kid's name and start paying off (or forgiving) $17,000 a year of the mortgage for them while they run the rental and collect the rent money. That will start them with a higher basis.
Then hope the government doesn't do away with the stepped up basis for inheritance (which I am expecting to happen) and leave your properties to them in your will so that they get the stepped up basis. --76.178.xxx.xxx
Give Property To Kids (by Nicole [PA]) Posted on: Apr 18, 2023 8:33 PM
Pennsylvania has inheritance tax, in addition to capital gains on the stepped up value if/when the kids sell my properties. So I figured I'd get a life insurance policy like mentioned above to cover those taxes. I
I have something in my medical records that is very rare and misunderstood. I was denied coverage. My doctor wrote an appeal letter for me explaining how my medical condition did not affect my life expectancy, at all. It actually is a good thing because I get monitored and it is very thorough so anything else going wrong would be caught relatively early. Didn't matter.
Moral of the above babbling is if you want insurance, get it when you are young and your only doctor visits are ones requiring tetanus shots and runny noses. --98.237.xxx.xx
Give Property To Kids (by Landlord ofthe Flies [TX]) Posted on: Apr 18, 2023 10:53 PM
Just in case I wasn't clear. On my previous advice, I was not advocating placing the property in an irrevocable trust. If you do that, you don't own it anymore. No, the only thing that goes in the trust is a life insurance policy which will be tax free and inheritance tax free. It can be used to fund the inheritance taxes. No property should be placed in that trust.
Also assuming you still have a loan on the property, any transfer or change of title could trigger a due on sale clause. The bank will want their money if they suspect something's going on. --108.69.xxx.xxx
Give Property To Kids (by Robert J [CA]) Posted on: Apr 19, 2023 12:20 AM
The Tax Laws have changed a lot over the last few years. One friend would not listen to my advice. I am a builder, contractor, accountant, CPA and took business law in college.
I told him to consult with a Probate, Trust, Will and Real Estate Attorney. He was too cheap to spend $5,000 for professional advice.
So his mom died and he had 9 months to make his moms house his official primary residence. He did not, he lives in an apartment. So after 1 year he got his children out of his moms house and moved in. His new property tax bill wasn't $2,300. But instead $15,300. Why. New laws taking effect and stupid rich people with money and no brains. --47.147.xxx.xxx
Give Property To Kids (by myob [GA]) Posted on: Apr 19, 2023 6:32 AM
Robert thank god there's so many of them to take up our slack! --108.239.xx.xx
Give Property To Kids (by zero [IN]) Posted on: Apr 19, 2023 8:46 AM
I know this is more for a tax professional but I have a question.
We have the properties in an LLC. As of right now the kids are not associated with the LLC at all.
Can the kids be made voting members of the LLC in the case of my death and then they just run the business (into the ground)?
I realize that we need to update our will and such because the last one still has who gets custody of our kids. That would be awkward at best since they are in their mid twenties. --107.147.xx.xxx
Give Property To Kids (by PG [SC]) Posted on: Apr 19, 2023 10:35 AM
Set up a Trust as others have noted - About 3 to 4K is the going price in our area. Use an Attorney who specializes in estate planning. As others have noted this NOT a DIY.
I would like to add one thing that is very important in estate planning. What happens if you have long term medical needs that require caregiver services by the children.
What will you do if one child helps and the other children do NOT? I can tell you from personal experience some siblings help and some don't.
Give Property To Kids (by WMH [NC]) Posted on: Apr 19, 2023 11:28 AM
We have two LLCs and some privately owned property, and some SDIRA owned properties too. As well as stocks and such.
That's where the estate attorney came in - she talked with us about where we wanted each property to go (which kid) and how to do it - and then set up the deeds to reflect that. One kid gets THIS LLC and another kid gets THAT LLC and the third gets the SDIRA stuff (he's much older and will benefit from that sooner than the other kids, plus with the new 10 year rules it MIGHT work out for him.)
Now when we buy a property, we make sure the right LLC buys it so we stay relatively even in our eventual distributions and that's it. Don't need to agonize over details. We don't have to alter a will or the trust - the LLC is owned by the trust, whatever we buy in the LLC is therefore owned by the trust, and eventually the distributions will be done according to the rules of the trust. --50.82.xxx.xxx
Give Property To Kids (by Lucy [IN]) Posted on: Apr 20, 2023 4:43 PM
Zero, I think the problem with you plan is that the kids won't receive stepped up basis for the properties when you pass. Which if they ever sell, will cost them big in taxes. I hope the stepped up basis will not be taken away but from what I hear in the grapevines..it probably will be. --64.184.xx.xx
Give Property To Kids (by Pmh [TX]) Posted on: Apr 20, 2023 6:21 PM
I will be selling my properties to the kids. they want to buy. I am not giving them away. My wife & I have strived to get to where we are. Then my wife & I will buy a cabin on one of those ships that sail around the world stopping at exotic places. I will bounce the check to the undertaker. --166.205.xxx.xx
Give Property To Kids (by Lucy [IN]) Posted on: Apr 20, 2023 6:28 PM
The attorney who did our planning handled my mother's probate and did it included in the 6 or 7k we paid him. He made us wills, Power of Attorney, etc..also created Trusts. Unfortunately he did help us transfer the properties to the trust and we were too naÔve to know it needed done. So we need to see another (this time an Elder law attorney) to get things right. We also were caring for my sister with anticipation of her ending up in a nursing home. She did and it went through her $$ very quickly at 8k a month..so consider that.
We did find an interesting podcast on the subject by an attorney here in Indiana called LegalTeapodcast dot com
Give Property To Kids (by zero [IN]) Posted on: Apr 21, 2023 7:48 AM
Thanks all for the info.
Lucy, I will be checking into the Indiana podcast for sure. --107.147.xx.xxx
Give Property To Kids (by Jim in O C [CA]) Posted on: Apr 22, 2023 9:09 AM
My older brother had a stroke in November. As his only close family member I had to start handling his affairs. After that nightmare we made many changes to our trust.
We found both names should be on all utility bills or you canít make and changes. On credit cards have one for each family member. On CCís there is a primary name and a secondary name. The secondary name has no authority.
A power of attorney is not sufficient because many
entities also have their own form to be signed and notarized . --99.23.xxx.x
Give Property To Kids (by Jerry [NC]) Posted on: Apr 23, 2023 11:58 AM
The Mr Landlord Retreat in Jamaica had a very knowledgeable (in my opinion the best I've ever heard) attorney, Mary Hart addressed this very subject. Her online presence is the Aim Higher Academy. My goal for 2023 is to complete my succession planning and I will be utilizing her site for my education. --99.150.xxx.xxx
Give Property To Kids (by Jeffrey [VA]) Posted on: Apr 23, 2023 5:55 PM
The attorney Jerry refers to above, Mary Hart, did such an excellent job of instruction on various aspects of estate planning, that I have asked her to be a featured instructor at the upcoming Landlord Convention in Columbus. She will also be doing a special question and answer session on estate planning as well.
If you are considering giving your properties to your kids at some point in the future, I would highly encourage you to attend Mary's sessions at this year's Convention in June. She is a wealth of knowledge on a wide range of estate planning topics and freely and clearly shares numerous specific methods of implementation. At our recent landlord retreat, she received the highest rating on any speaker we have ever had on the topic of estate planning. --172.59.xxx.xx
Give Property To Kids (by wmh [NC]) Posted on: Apr 23, 2023 7:29 PM
I hope our Estate attorney did a good job, I'm not sure we'll ever know - that will be on our kids, I guess! --50.82.xxx.xxx
Give Property To Kids (by Or [MI]) Posted on: Apr 24, 2023 1:09 PM
You sell it to your kids at a very low price --73.191.xxx.xxx
Give Property To Kids (by D [IN]) Posted on: Apr 24, 2023 1:16 PM
Have any of you heard of SCIN - Self-Cancelling Installment Note. SCIN is a self-canceling installment note is an installment note that contains a provision under which the buyer's obligation to pay automatically ceases in the event a specified person, called the measuring or reference life (usually the seller), dies before the end of the term of the note. Someone said it can be used to pass real estate to heirs, by 'selling' them your property on a note and having the note cancelled upon your passing. I haven't looking into this, other than the cursory information above. Curious if anyone else has more information about the validity of this approach, --69.119.xxx.xx
Give Property To Kids (by Jill Schutte [CA]) Posted on: Apr 24, 2023 1:45 PM
Does anyone know if the amazing Mary Hart is accessible via email or website, etc.? Situations in California can cost people in many ways (search: The cost of care taken by the state) and can be so costly to respond to, that some can't possibly afford going to the conventions. My deepest respect. --73.220.xx.xx
Give Property To Kids (by Steve [FL]) Posted on: Apr 24, 2023 1:45 PM
On the advice of our r.e. attorney, we created Lady Bird deeds for all of our properties. He explained that some of the
benefits were probate avoidance, preserves homestead benefits, preserves Medicaid eligibility and step-up in basis at your death. This is in Florida. --99.106.xx.xx
Give Property To Kids (by Gail Coefield [CA]) Posted on: Apr 24, 2023 1:45 PM
Give Property To Kids (by Bruce Williamson [VT]) Posted on: Apr 24, 2023 2:17 PM
Researched and created revocable family trusts: One for my NY stat mother in law and her three children, one each for two houses my wife and I owned in SW Fl, and one each for three properties in VT.
When my mother in-law passed, my wife called NY state to ask about fees/taxes, etc. the reply was "you're all set".
We sold both of the florida houses in their trusts with no additional consequence (capital gains didn't change, but titling was without issue)
I just researched and studied and considered. Not involved with the legal world at all, just expecting I could figure it out. Sent my final version to a lawyer and he said "all good" You can figure it out too! --73.142.xxx.xx
Give Property To Kids (by David Krulac [PA]) Posted on: Apr 24, 2023 3:13 PM
Agree with my friends Brad and Ray. The "Stepped Up Basis" is one of the most advantageous aspects of the IRS Federal Code,for real estate investors. If you give real estate to your children or anybody else during your lifetime BEFORE your death, you blow away the "Stepped Up Basis" advantage. What this advantage tax code provides is that the party inheriting real estate gets the basis of the property on the Date of Death of the departed. If the property is given to the child before the date of death, even the day before death, the child's basis becomes the basis that the parent paid when they bought the property maybe years, or decades earlier. For example you buy a house for $100,000 in 1995 that is now worth $385,000. You give it to your child before your death their basis is $100,000 and if they sell today they have a capital gain of $285,000. If they inherit it their basis is now $385,000 and if they immediately sell then there is NO capital gain. Today the capital gains rates are 0%, 15% and 20%. However, in the current Federal Budget proposal, it says that Capital Gains should be raised to as high as 39.6% and the Affordable Health tax is proposed to be raised to 5%. If that passes, that $285,000 gain could be taxed at 44.5% You could be giving almost HALF your estate away in taxes, especially if your state has estate or inheritance taxes. If you want to do that just write a check to the government now. Personally, I would not give real estate to my relatives before my departing.
As to Pennsylvania, which is one of the 17 states that have estate or inheritance taxes, here the Pa. inheritance tax rates are 4.5% 12% and 15%. But these are not based of the amount of your inheritance, it is based on the relationship between the deceased and the heir. If you are a son or daughter the rate is 4.5% other direct linear relatives 12% and if you are a niece or nephew or some other distant relative or non-relative the tax rate is 15%. AND there is no exemption and the tax rate starts at the first dollar of the inheritance. --152.208.xx.xxx
Give Property To Kids (by Daisy [GA]) Posted on: Apr 24, 2023 11:52 PM
Call wow what a heavy discussion. Thanks for all the insight. In 2018 I paid $2,500 oh 2 AM estate planning attorney. Over the years Iíve been reading more and more and I see they are some things left out. And I am now considering pulling cash out of a few properties and given that money now to my daughter. Then allowing the mortgage to be paid by the current tenants. And when I get my wings she can just walk away from the properties. She doesnít have to except them. Iím just trying to figure this game out to she says she doesnít want to be bothered with tenets. She has a very successful business for 12 years of her own. If I sell now I will have huge taxes. I donít mind paying taxes I just donít want to pay big big taxes. Good luck everyone --76.17.xxx.xxx
Give Property To Kids (by Kevin C [WA]) Posted on: Apr 25, 2023 2:09 AM
For all you knowledgeable people, if you could clarify something regarding transferring property to your heirs at death and the stepped up basis. If you have a will and say in that will you want to give your rental house to your kid, he gets the stepped up basis of that property. This makes sense to me, but if you put this same property in a trust, and the trust then owns that property, when you die, do you still get the stepped up basis since the property is owned by the trust and technically just the trustee is taking over the trust? While yes, somebody dies, but is the property getting inherited and getting stepped up without any transfer of title? Thank you! --76.135.xxx.xxx
Give Property To Kids (by JP Whitaker [VA]) Posted on: Apr 25, 2023 7:49 AM
What I have not seen mentioned is if the child is living in the house as their primary residence. He and a roommate are currently renting from us. He would like to get rid of the roommate but cannot afford the full rental. We have been discussing reducing the rent so he could afford it and placing him on the deed. In essence, he would cover the mortgage payment and other expenses but would have the house through survivorship. The stepped up basis would have no bearing since the capital gains would be exempt as primary residence. I know the response will (and should) be see a lawyer. I'm just wondering if anyone has thoughts or experience.
Give Property To Kids (by MARLENE [WI]) Posted on: Apr 25, 2023 8:11 AM
We are doing a Transfer on Death for our three properties. If you do this, the properties will not be included in your estate. Our kids are doing well enough on their own that they don't need these properties before we die. We're just trying to get away from having the properties be included in our estate. --184.97.xxx.xx
Give Property To Kids (by Jerry Ricci [FL]) Posted on: Apr 26, 2023 10:49 AM
Good lord ther has been some good advice here and some horrible advice. To save tens of thousands spend a little now for an estate attorney from YOUR STATE. The living trust is what most people need and most forget to deed your properties into it, and each state has their own twists on estate tax. PLEASE spend a few thousand to save tenfold on estate planning. If your attorney tells you, you need a will...you need another attorney! --50.197.xxx.xxx
Give Property To Kids (by Lucy [IN]) Posted on: Apr 29, 2023 2:59 PM
Good tictok by a lawyer that made headlines on the subject. Google some of this headline to get the advice: This California lawyer warns that you should 'never leave anything' to your kids when you die ó says it will lead to serious financial woes. Here's why and what you should do instead --64.184.xx.xx
Give Property To Kids (by David Krulac [PA]) Posted on: Apr 29, 2023 3:45 PM
ē Billionaire investor Warren Buffet famously told Fortune in 1986 that he would give his children ďenough money so that they would feel they could do anything, but not so much that they could do nothing.Ē 36 years later, at age 91, Buffett maintains his children wonít be receiving an inheritance from his $96 billion fortune. --152.208.xx.xxx
Give Property To Kids (by WMH [NC]) Posted on: Apr 29, 2023 5:47 PM
We are thrilled to be able to leave properties to our kids - split three ways, it gives them basic income but not a fortune, or if they sell, ditto. ALL of them see the benefits of rental real estate - they see what it has done for us - but maybe they just won't want to be landlords. Up to them. And no fighting with each other over it either, they each get some but none get all :)
Warren Buffett can do what he likes with his billions - I would not be surprised if his kids are not at least multi-millionaires anyway - but mine are not and it's a true gift to be able to gift THEM with our largess. --50.82.xxx.xxx
Give Property To Kids (by zero [IN]) Posted on: Apr 30, 2023 7:27 AM
Hopefully by the time I kick there will be a half decent management company in my area. That's about the only way I see my kids wanting to hold any properties.
They like the money but have given up on this type of work. Spent too many nights and weekends as little ones in dumps while the parents worked on building the tiny little empire up. --107.147.xx.xxx
Give Property To Kids (by Peggy Rahe [OH]) Posted on: May 5, 2023 4:33 AM
I have identified a few "decent" property management companies. If I die first my husband can hire them while he figures out what i did all of these years and what he may want to do! If we both are gone we will have instructions for hiring property managers until they decide what they want to do! Mary Hart is a gem giving us great legal advice so when we finally get this all set up with a local attorney we will do it correctly! At the January retreat we signed up with consultations with Mary. We are talking to our kids now and making our plans some based on their differing desires! It's cruel not to take care of this before you go. Taxes, rip off attorneys are waiting! As a realtor i sell many estates it sadden' s me on what happens to those who don't plan properly!
WE are creating a "death book" of everything. transfer to a jump drive for each kid of all instructions. don't make them wonder what you wanted! --34.200.xxx.xxx