Revocable living trust: smoothest path to inheritance

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BOB: What is the best way to change my deed to include my two sons, ages 21 and 26? How do I find a good real estate attorney who won't overcharge me? --Leonardo R. DEAR LEONARDO: Why would you want to add your sons to your title? That could be a major mistake. Purchase Bob Bruss reports online. If you want to avoid probate after you die, you would be far better off creating a revocable living trust naming your sons to receive the title after you die. As I often say, "It is usually far better to inherit real estate than to receive it as a pre-death gift." If you give your sons a full or partial interest in your property now, you burden them with your probably low adjusted cost basis, thus depriving them of a new "stepped-up basis" to market value as of the date of your death if they instead inherit your property. Another possible drawback, in many states, is the property may be subject to reassessment for property tax purposes if you give them a partial interest now. Also, you g...