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ANNOUNCEMENT: We are dedicated to your legal needs and available during this difficult time. In order to do our part to help stop the spread of COVID-19, we are offering virtual consultations for both new and existing clients upon request. Click HERE to contact us and request a consultation by video, telephone or in person.

Ask these 3 questions before leaving your house to your kids

On Behalf of | Mar 23, 2022 | Firm News |

When you prepare your New York or New Jersey estate plan, you may take particular care when it comes to your home. You may consider leaving it behind to one or more of your children. While leaving the house to your kids makes sense in some situations, in others, it may do more harm than good.

According to AARP, you may want to ask yourself the following three questions before leaving your home to your children.

1. Do they want it?

For many adult children, inheriting a home is a dream come true. However, this is not the case for everyone. If your child already has a place to live and that place is far away or in a different state or country, leaving him or her a home may prove burdensome. In this case, your child may feel burdened with having to sell the home while living far away.

2. Is it worth something?

Most homes appreciate in value over time, but this is not the case in all circumstances. The value of real estate is volatile, so a home that has high value one year may tank in value if the economy turns the following year.

3. What are the tax obligations?

Selling real estate has tax implications. However, depending on circumstances, you may be able to take certain steps to transfer your home to your child in a tax-free manner.

There are many ways in which you might be able to transfer your home to a child after your death. These options might include leaving the home in your will, gifting it, selling it or putting it in a trust.