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Caption: Don’t make this mistake when passing your house to your kids… You could accidentally leave them with a massive tax bill. Here’s what actually matters: When you … more Don’t make this mistake when passing your house to your kids… You could accidentally leave them with a massive tax bill. Here’s what actually matters: When you pass away, your home typically gets a step-up in basis — meaning the value resets to market value at the time of death. Example: You bought it for $200K It’s worth $800K when you pass Your kids don’t owe taxes on that $600K gain if they sell around that value. And here’s the key: That step-up happens whether or not the home is in a living trust. So what’s a living trust actually for? •Avoiding probate •Making the transfer faster and more private •Giving you more control over how assets are handled Not for creating the tax break. Most people are focused on the wrong thing—and it can cost their family big. Disclaimer: This is general financial education, not personal advice. Consult a certified financial planner or tax professional before making decisions. #wealthbuilding #generationalwealth #realestate #financialfreedom #moneytips less
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