You’re probably well aware that for many families, the family home is the single most important estate asset. Can you imagine your kids having to part with the home they grew up in? The thought evokes many emotions when making end-of-life plans, and passing along the family home to the next generation is certainly an option. Family homes may also be the most valuable estate assets, and estate taxes may 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 they require you to plan ahead.
For a good overview of this topic, turn to a recent article in SmartMoney, “Passing Your Home to Heirs.” The article is pretty easy reading on a fairly complex subject, and includes a run-down on some effective strategies: from the simple bequest in your will, to variously structured sales, to more sophisticated trust-based strategies.
Which planning strategy will work best for you depends upon your unique circumstances. This definitely is not a do-it-yourself undertaking. There are many factors to be considered and legal land mines to avoid.
At Idaho Estate Planning we are the experts you need to know and trust. Work with us and we'll put together a plan that works for you and your loved ones. Remember, good planning is no accident.