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Do you want to know how to avoid probate fees when you inherit property?
Or, if you intend to leave your property to your beneficiaries, would you like to spare them from paying the probate fees (a.k.a. taxes) to the government?
Many people inherit property when they lose someone they loved.
When inheriting real estate it’s often a shock when the beneficiary is suddenly faced with a huge probate tax bill upon inheriting the property.
There is a solution to consider so that your beneficiaries & loved ones don’t have to deal with massive probate fees [taxes] when they inherit you’re real estate.
When someone dies, their Estate must go into Probate.
The government wants to calculate exactly how much tax your beneficiaries must pay in taxes (probate fees), for the privilege of inheriting assets of your Estate, such as real estate.
If you bought a house 20 years ago for $200,000.00 and today it’s worth $650,000.00, your family will have to pay tax on the $450,000 difference (increase in value).
Upon your death, the property is deemed to be sold, even though it wasn’t actually sold for cash.
If your family does not have the cash to pay the probate fees (taxes) they’ll have no choice to refinance the property with a new mortgage.
Or they will sell it to pay the taxes and they are only left with the difference.
Now for some good news.
There is a solution that costs a lot less probate fees. It’s called life insurance!
We’ve all heard of life insurance used as a safeguard (especially in our early years of parenthood) to protect our family from the cost of living, should an unexpected tragedy take our life.
But there are also life insurance plans that can be purchased and structured so that the insurance policy will pay the beneficiaries of your Estate, upon your death.
For manageable insurance premiums, you can save your family tens of thousands of dollars of taxes that will be owed upon inheritance of your Estate.
Whether you’re planning to leave your property to your loved ones, or you expect to inherit property in the future, if you’d like more information on how you can save probate fees please don’t hesitate to ask me.
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