Q: Q: I am 63, and downsized to a rental when my husband passed. I want to relocate to FL and plan to purchase a single
family home. I plan to put between $60k-$100k towards a down payment but i want it in my two young adult children name. In other words, I will be a tenant to them... They will be the ones to benefit tax write offs... which is okey with me, also if something has to happen to me, that eliminates all the court probate that they have to go thru... Is this a reasonable plan in my end.
A: I am only licensed to practice in Oregon so I can't speak to Florida law but in general it is better for your children to inherit your property because they receive a stepped-up basis. This means when they inherit your house after your death their new basis in the property is your date-of-death value instead of what you paid for it. Usually this is a good thing because real property usually increases in value. I recommend you consult with two professionals: 1) A Florida estate planning attorney, and 2) an experienced CPA.
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