Posted on Dec 6, 2019
TAX LAW ANSWERS
When transferring property to children or in trust for children, do not overlook tax consequences. Tax planning is vital! If you purchased the property much lower than today's fair market value, and therefore, a substantial gain exists upon selling the property, then planning before selling it is critical. Do the children owe a tax on that gain? Are there ways to eliminate the tax? All these questions can be answered only after reviewing the planning implemented. Make sure you contact us before transferring real estate to children! We will be happy to analyze your plan and give you information that will prove to be valuable.