You worked hard to purchase your home, where you and your children have had many happy memories. It is only natural that you would want your property to stay within the family. But how do you ensure that that happens, and what are the potential pitfalls for poor planning? If you want to make absolutely certain that your children receive your property in the event of your death, please read on, then contact an experienced Putnam County wills attorney to discuss the ways to ensure your children get your house in New York.
Ways to ensure your children get your house in New York
You have four ways to pass down your family home to your children in the state of New York. They are as follows:
- Selling your home to your children at a fair market value
- Gifting your property to your children
- Bequeathing your property
- Transferring the deed
If you select the first option but sell your home to your children for a nominal value, gift or bequeath the property, the state of New York will consider that a partial gift and will generate tax revenue from it.
What happens if you die intestate in New York?
If you die intestate, New York will give all property to your children if you are unmarried or your spouse predeceases you. But if a spouse survives you, your children will only receive the balance of your estate after your spouse has received $50,000 plus half of the leftover estate balance. While you can’t see to every eventuality, engaging the services of a qualified legal advisor can help you explore your options and work out the related implications to achieve an equitable outcome.
How can a Putnam County estate planning attorney help ensure your children get your house in New York?
Estate planning is all about protecting your loved ones, which means in part giving them protection from the Internal Revenue Service. Essential to estate planning is transferring assets to your heirs with an eye toward creating the smallest possible tax burden for them by minimizing estate tax, gift tax, income tax and other taxes. A skilled Putnam County estate planning attorney will help you work out the finer details, because the state of New York, like its forty-nine counterparts, is intent on collecting as much revenue as possible. Do not let the state take away what you gave blood, sweat and tears to earn. Give your children the best possible chance of receiving your property. Give us a call today.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wishes to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.