What Is the Best Way to Take Ownership of Real Estate I Intend to Pass On to My Heirs?
The answer depends on your specific circumstances and goals. Here are key factors to consider when planning your estate planning strategy:
Homestead vs. Non-Homestead Property
If it's homestead property in Florida, we generally recommend taking title in an individual name, or for married couples, as tenants by the entirety.
Asset Protection Concerns
For non-homestead property, consider whether asset protection is important. While this may not be crucial for a second home, it's essential for rental properties to protect your assets.
Wealth Transfer Strategy
Consider your long-term goals: Where do you want the property to go when you're no longer alive?
Tax Consequences
Always evaluate the tax implications of your ownership structure, especially with upcoming tax law changes.
These are complex decisions that a competent attorney can help you navigate based on your specific circumstances. Contact our experienced team for personalized guidance.
