Sunday, February 23, 2014
Homes are likely one of the most valuable assets that you will own. Many people want to keep their home in the family after death and are now using an estate planning strategy called a "life estate." In a Wall Street Journal article Chris Gay explains some of the advantages that life estate provides. A life estate is an agreement that permits the current owner can live in the home for life and deed it to another heir after death without going through probate. One advantage of using a life estate is that the heir will receive the home at the "step up" value of the owner's death.
See Matthew Heimer, How to Keep Your House in the Family, Market Watch, Feb. 11, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.