When it comes to estate planning, the process is different for everyone. This is because no two people are alike, and their nature of their real estate assets reflects this. And despite someone’s best intentions, the distribution of those assets after their passing may be impaired by state or federal laws and estate tax obligations. After someone has passed it is obviously too late for them to address issues that may arise with their estate. The best approach is to work with an accomplished estate planning lawyer and real estate lawyer, like a real estate appeals lawyer in Los Sacramento, CA from Tim Kassouni law firm, and make proactive decisions that can protect one’s legacy.
Including Your Home in Your Estate Plan
The family home is often associated with generations of happy memories and milestones. Its ownership may have already been passed down from one parent to a child. Perhaps you would like to continue this tradition by bequeathing it to one of your children. On the face of it, this may seem very straightforward, and sometimes it is. However, your vision for your home’s future may not match with that of your children. You may wish to broach this subject with them in case they have plans of their own that do not coincide with the legacy you wish to leave behind. Regardless of how you wish to pass on your home, doing so with careful forethought is key. Our estate planning lawyer can work with you to ensure that your designated heir will inherit the family home in a smooth transition of ownership. If there are tax implications in the transference of it from your estate to your heir, an estate planning lawyer can explain your options to avoid such concerns, such as establishing a revocable trust.
Shared or Co-Owned Real Estate
If you own real estate with one or more individuals, your estate plan should include what should happen to your share of the property. If you wish for it to transfer to the current owner(s), your estate planning lawyer can guide you through the process and make it possible for the owner to pay little to no taxes when inheriting your ownership percentage. If you wish for your ownership share to transfer to someone else entirely, this can also be handled by an estate planning lawyer. If your share is connected to your business, or your share is owned by your company, this should be addressed within your estate plan so that upon your passing, the company’s operations can be impacted as little as possible insofar as the transfer of the real estate ownership is concerned.