You and your family have had many happy memories in your home. That is why you would like to like to pass it down to your children when you are no longer here. But ensuring that will require serious thought and legal maneuvering. If you want your children to get your property after your death, please read on, then contact an experienced Rockland County will attorney to learn how you can make sure your children get your house in New York.
How can you make sure your children get your house in New York?
If you did intestate, New York will give all property to your children if you are unmarried or your spouse predeceases you. But if a spouse survives you, your children will only receive the balance of your estate after your spouse has received $50,000 plus half of the leftover estate balance.
How do you make sure your house goes to your children in New York?
If for your own private reasons, you want to bypass a surviving spouse, you have four ways to pass down your family home to your children. They are as follows:
- Selling your home to your children at a fair market value
- Gifting your property to your children
- Bequeathing your property
- Transferring the deed
If you select the first option but sell your home to your children for a nominal value, gift or bequeath the property, the state of New York will consider that a partial gift and will generate tax revenue from it.
How can a Rockland County estate planning attorney help you?
While none of this requires you to have an attorney, you would be wise to reach out to a skilled Rockland County wills, trusts and estates attorney to discuss your next steps. You see, these procedures are costly, complicated and time-consuming. If you do not take the right steps, the state may hand your property to a spouse or demand taxes. Furthermore, you will need to make certain that your heir or heirs will have sufficient resources for insurance and maintenance of the property. If the recipient of your property gets into financial trouble, the state and any banks involved may foreclose on the property and take it out of your family’s hands.
While you can’t see to every eventuality, engaging the services of a qualified legal advisor can help you explore your options and work out the related implications to achieve an equitable outcome.
Contact our Firm
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.