Maximizing the Value of Your Estate: Hire a Lawyer When Considering Real Estate

Leaving behind sizeable cash assets, gifting or transferring this type of wealth to family members is part of your estate plan and could be subjective to significant taxes if you are not careful. However, if you transfer real estate investments of similar value, this could lead to significant discounts. include real estate in your estate planning

Real estate investments in which the investor transfers less than 50% of the assets means that the lack of voting rights or control can be considered when identifying the value for tax purposes.

This could lead to lower taxes because of discounts on the overall value. When evaluating potential transfers of assets, it is necessary to find an accounting professional in addition to an experienced estate planning attorney who can tell you more about how the different decisions you make will influence your future and the future of those you leave the assets to. The possibilities for discounts greater than what you might have expected to pay, identifying the best assets to transfer and the overall potential tax liability can all be discussed directly with professionals.

Even if you are a 100% owner of a property, you could be eligible to receive a discount if you give less than a 50% interest to any one individual. Doing this with your children maybe one common method to help minimize the potential taxes. You should never attempt to develop these strategies on your own and should instead consult with a knowledgeable estate planning and financial professional to assist you with a meaningful set of tactics.

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