Hey San Mateo Home Owners! Did You Know?

Last week I went to a presentation about estate planning given by Ameriprise.  One of the presenters was Amir Rang, Esq.  There were several topics covered, but one that is often a question for parents:  Should I put my children’s names on my house?

Answer:  NO.  NO.  Did I say NO? 

Okay, so now I know you’re asking why. 

  • Their names are on the house!  They could force you to sell. 
  • They could also encumber your home with debt, use your house as collateral for a major purchase - making your life miserable.
  • Stepped-up basis.  You may think you’re saving your heirs a step or saving them from probate, but this is not the way to do it.  You’re actually taking away their one tool to avoid an extremely high tax bill – capital gains.
  • One last thing:  Because you’re giving them ownership rights that means you just gave them a gift.  Any gift of over $12,000 has to be reported to the IRS!

So don’t do it!

The best way to leave your assets to your heirs is to have a professionally prepared Trust.  Amir is an great choice to assist you in achieving that.  His credentials are excellent and he’s a trustworthy professional.

Got a San Mateo County real estate question?   Call me at 650.888.9268 or send me an email Vicki [at] CallVicki.com.  You can also subscribe to my blog feed by clicking here.

All the best,
Vicki Moore

Vicki Moore About Vicki Moore

Office:
RE/MAX Star Properties
282 Redwood Shores Parkway
Redwood Shores, CA 94065

By Phone:
650.888.9268

Speak Your Mind

*