Many Parents are worried about the Daunting Task of Transferring Wealth
Did you know that 70% of families fight over their parent’s real estate? But Why?
Our mission is focused on guiding families to a harmonious wealth transfer, avoiding disputes, and ensuring peace of mind.
1st Problem: Probate
If property is not in a trust when you pass your kids or loved ones may have to go through probate. Probate is costly, time-consuming, stressful, and everything becomes public. The world says put your assets in a trust and it will be protected. It will be protected from probate but not your family.
2nd Problem: Multiple Heirs
It’s common for parents to assume their children will cooperate, but let me ask you a question. Do all your children think alike? Act alike? Are they in the same economic phase of life? Essentially, what you are doing is putting your kids in business with each other with the most amount of wealth they have seen. How’s that going to work out?
3rd Problem: How do you divide real estate?
Trust documents will typically say to split the asset equally. Well, how do you split real estate? You can’t split it unless you sell it. If it’s a rental property then you can split the rental income but what if a beneficiary wants to sell it and cash out? The dispute happens when there is no mutual agreement between what to do and when to do it. Here are some reasons why disputes may occur:
- When one child wants to sell while the other wants to keep it because they may be living there and/or for sentimental reasons.
- When one or more parties have perceived inequities in distribution.
- When one child wants to sell it now while the other wants to sell it later.
- When one child believes they should get more because they have been living in mom’s home for the last 20 years and taking care of mom.
- One wants to sell as is while the other wants to renovate and sell.
- Who to use to sell home.
Ask yourself...
1) Do you want your kids to love each other after you are gone?
2) After you’re gone, who gets what? Is it clear? Is it fair?
3) What is the timetable for the distribution of wealth?
Without clear answers to these essential questions, there is a risk of setting the stage for family disputes. Establishing a transparent and fair real estate plan is crucial to ensure harmony among your loved ones after your passing.
Predetermine Your Kids Inheritance and Create a Legacy for Loved Ones.
Did you know that 70% of families fight over real estate? It breaks our hearts to see so many families go through this. We believe in creating a plan to prevent family disputes. However, this plan not only has the potential to avoid family disputes but also to avoid/eliminate capital gains taxes, eliminate properties that are a burden, create a legacy for your loved ones, and experience the joy they receive.