🔻 Never Let Your Parents Give You Their Home!
Summary
Instead of parents directly giving their home to their children, which incurs capital gains taxes upon sale due to appreciation, the video suggests placing the property in a living trust. Naming the child as the beneficiary allows them to inherit the property with a 'step-up in basis,' essentially resetting the cost basis to the current market value, potentially eliminating capital gains taxes if sold immediately.
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Curated by Learn STR by GoStudioM