QUESTION
The majority of my assets are real estate which I now manage. Would like to pass to my grandchildren. Best options to avoid probate inheritance taxes?
Asked on Apr 27th, 2020 on Estate Planning - Wisconsin
More details to this question:
I am 71 and want to make a will. I am divorced with two married daughters. Because they are financially secure,I would like to pass the profits from real estate to 5 grandchildren in a trust. My condo is about $300,000 and rental property around the same. Presently, I am in great health and work part time. Plan is to have both paid off by my death. A living will seems my best option for flexibility(ie if I need to protect assets from sale to go into a nursing home). Am I correct in this assumption? And my executor may pass away before I do. Costs for attorney vs online filing seem disproportionate . Advice please?
2 ANSWERS
2 Awards
Whoops! www.naela.org is the correct url.
Answered on Apr 28th, 2020 at 5:27 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.
2 Awards
Passing the property to your grandchildren would incur generation skipping tax if it totalled over $1 million. It does not. There is no online filing for trusts, which are private documents. Trust law varies from state to state and is changing. If you do not want to leave an expensive mess, contact an estate planning attorney who also practices elder law. Discuss whether you really need a revocable living trust or could do with a Will. Putting real estate in a trust does not protect it from being counted if you ever need to apply for Medicaid. In some states putting your home in a trust makes it countable when, outside the trust, it would not be. You might try the Find a Lawyer function on the website of the National Academy of Elder Law Attorneys (www.elderlawAustin.com).
Answered on Apr 28th, 2020 at 5:27 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.