Many parents want to distribute real estate (usually real land) of family homes and other emotional forms to living children of equal share. As a real estate planning attorney, one of them is seeing a strange problem created by such a plan. Especially if you have an even child, there is a possibility of suffering because the voting block of the family must be resolved historically by the verdict.
Suppose, for example, a well-meaning parent leaves his family with four children who are proficient adults who are willing to treat each other fairly so that they treat families well and faithfully. The problem is that four children usually have some important differences in age, lifestyle, and financial needs. When four of such people own real estate, they all have to pay a quarter of tax. One child is sick of family family and wishes to sell property to cover business or vacation and the other two children are going to sell their family for Christmas (or other important holiday) I want to take it home. The fourth child is difficult to decide, but it makes financially difficult the tax, maintenance, and maintenance cost sharing.
To protect the house and avoid going to the trial, the two children who are going to protect the house must pay the value of the property's share to other children.
Even if a child who wants to possess property possesses the ability to pay other interests to other people, it can create a distinct and difficult feeling. When a family Christmas (or other important holiday) comes, children who gave away property are bad about using it to celebrate Christmas around brothers and sisters who had to pay to keep it I feel it. Likewise, children who had to pay to maintain it may feel bad if they have to share it with the paid brothers. Such things can create ruptures that have happened for a long time in families, and difficulties among relatives who used to be together well.
From the viewpoint of real estate planning, it means that real estate is given with equal shares to prevent hurting or feeling weaker than other children. If the real estate planner does not let the customer show this possibility, it seems that the lawyer has failed because it is a very likely situation in the real world. If families are not very wealthy, the possibility of having different financial needs is very common. Everyone in the middle class American, you usually need money. Especially when you have children in particular.
For both clients and attorneys, it is important to face a tough question and aim for a future non-idealized version when developing a real estate planning strategy. The problem with the four children is easy to fix, but more important principles are shown. If you are ready to start your real estate plan, it is important to answer difficult questions for yourself. After my loved one, the client is asked a question about how I know how other families handled my will.
Usually, clients can talk about relationships of greedy children and others, and it helps to broach subjects that might otherwise be difficult to grow. One of the problems that occurred when you prepared to visit a real estate planner, because you remembered the worst family you have never heard before and bad real estate plan was forced to do otherwise Imagine the department. If some skill real estate planners are trying to refine, to tell their clients about why they are seeking a particular legacy, not to offer them to them, but to reach the desired goal There are several choices of will or trust cookie cutter version.
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