Life Estates and Trusts
A life estate allows a designated individual to live in the home until death, at which point ownership transfers to a named heir. This method can simplify inheritance but may have tax implications. Many property owners now use living trusts instead, which provide more flexibility and avoid probate altogether.
Navigating the Process
Selling an inherited home requires careful planning. Consider consulting with an estate attorney, CPA, or real estate professional to ensure compliance with legal and tax obligations. Understanding these key concepts will help you make informed decisions and achieve the best possible outcome.
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