Passing your family home to the next generation could be very emotional
JUN
02, 2022
What happens to your house after you pass away?
Here are a couple options you may consider preventing burden in your family.
It’s important to be pragmatic when deciding what will happen to your home in the future. We don't live forever. There will be a time when you may have to do decisions that are charged emotionally when it comes to your home.
If you have created a nice nest egg around your home, and you have enough equity that makes it possible to leave your estate to the next generation, you should talk to your children first, ask them about their expectations and interests. Discuss what you would like them to do with your assets, how you want them to manage their money, and how you would like them to pass on your wealth to their children.
If you die, your children can inherit your home. There are a number of ways that you can leave your home to your children. Each of these will have implications for them, so you should think about what you want to do and the decisions you should make.
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Today, we'll talk about Passing your family home to the next generation could be very emotional
Here are a couple options you may consider:
#1 Selling your house to your children
Parents can sell their home to their children by loaning them money to purchase it. Alternatively, you may want to opt-in for a life estate that allows you to live in the house until you pass away.
#2 Giving your property to your children
An irrevocable trust can protect against children’s potential creditors
No matter how you plan to pass your home on to your kids, it is important to consult with your financial and legal advisors to explore your options and related implications. The right course of action can have a huge impact on your kids and their lives.
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