Youâ€™re probably well aware that for many families, the family home isthe single most important estate asset. Can you imagine your kids having topart with the home they grew up in? The thought evokes many emotions whenmaking end-of-life plans, and passing along the family home to the nextgeneration is certainly an option. Family homes may also be the most valuable estate assets, and estate taxesmay complicate plans for passing them along. If this is your goal, however,don't give up. There are tax-savvy strategies to make it happen, but theyrequire you to plan ahead.
For a good overview of this topic, turn to a recent article in SmartMoney, â€œPassing Your Home to Heirs.â€ The article is pretty easy reading on afairly complex subject, and includes a run-down on some effective strategies:from the simple bequest in your will, to variously structured sales, to moresophisticated trust-based strategies.
Whichplanning strategy will work best for you depends upon your uniquecircumstances. This definitely is not a do-it-yourself undertaking. There aremany factors to be considered and legal land mines to avoid.
At Idaho Estate Planning we are the experts youneed to know and trust. Work with us and we'll put together a plan that worksfor you and your loved ones. Remember, good planning is no accident.