Avoid High Capital Gains Taxes: Keep Your Kid's Name Off The Deed To The House

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a step up in basis, has to do with capital gains taxes. When a home is passed on to a child, typically there is a step up in basis meaning that it is as if the child bought the home for what the home is worth when the parent passes away. This can save those kids a lot of money on capital gains taxes, this is also one of the reasons why it is typically a bad idea to put kids on the deed to the parents home before the parents passed away. The better solution, get that home inside of a living trust and make the kids the beneficiaries, this way they will benefit from getting the home without it, having to go through probate and get a step up in basis for capital gains purposes. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty ##Taxes##Capitalgains ##stepupinbasis