Trust Helps Save On Inheritance Tax
REM #F750
By Ilyce R. Glink
Summary: A ThinkGlink reader is planning how to divide her property among her children when she dies. Ilyce explains why a trust will be her best option.
Q: My Mom has two pieces of property and she would like to know how she should
set up her estate to divide property equally between her 3 children.
A: I'd suggest that she create a trust, and put the two pieces of property
into the trust. The three kids can be named beneficiaries of the trust. Upon
your mother's death, ownership of the properties will transfer automatically
to the three of you and you can either sell them, and divide the proceeds, or
you can keep them and run them out of the trust.
It shouldn't cost too much to set up a trust, but it will make this entire process
much easier after your mom dies, and it will potentially save you money in inheritance
taxes.
Please see an estate attorney for details.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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