Living trust streamlines real estate inheritance

Homeowner aims to eliminate probate worries for heirs

The real estate event of the summer
Connect with other top producing agents at Connect SF, Aug 7-11, 2017

DEAR BOB: What is the best way to hold title to my residence to avoid probate and also to get the step-up in cost basis? --Steve L. DEAR STEVE: I presume you mean you want your heir to receive the stepped-up basis to market value after you die. Purchase Bob Bruss reports online. The best way to hold title to real estate is usually in a revocable living trust. While you are alive you can buy, sell, refinance and manage your living-trust assets because you are the trustor, trustee and beneficiary. However, if you become incapacitated, such as with Alzheimer's disease or a severe stroke, or after you pass on, your successor trustee takes over and manages or distributes your living-trust assets as instructed in your living trust. After you die, your living-trust assets are distributed without probate costs or delays, according to your living-trust instructions. Your heirs then receive a new stepped-up basis to market value on the date of your death. More details are in my special report,...