Why a Living Trust Is the Smart Way to Transfer Your Home to Your Kids When creating your estate plan, you’re likely doing everything you can to ensure your loved ones have everything they need after you’re gone. You have specific assets you want going to your children, spouse, siblings, and more. One particular asset you may consider gifting to your kids is your home. However, you should never deed your home to your children; instead, you should put it in a living trust. For several reasons, a living trust is the best place to put your home if you want your children to claim it. Keep the creditors away. It’s possible that your children have built up some debt and haven’t been making their minimum payments. If so, they may have creditors coming after them to reclaim the money your child owes them. If you deed the house to your children instead of placing it in a living trust, the creditors could take it. Prevent your house from becoming a marital asset. Divorce is fairly common in our country and could become an obstacle if you deed your home to your children. If your child gets divorced, the house is subject to divorce proceedings. This means your home could easily become the property of your ex-son-in-law or daughter-in-law.
Avoid capital gains tax. If you’re leaving your children the house, you don’t want them to have to pay high taxes if they decide to sell it in the future. If you deed the house to your child and they sell, they will face capital gains tax, which is the difference between what you paid for it and what they sell it for. Prevent probate. Probate can be a nightmare for families, but a trust enables you to avoid it. By creating a living trust and placing the house within it, your children and loved ones skip the hassle that often accompanies probate.
TAKE A BREAK
Ultimate Baked Ziti
INGREDIENTS •
1 (16 oz) package of dried ziti pasta
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1 (14 oz) can diced tomatoes
1 cup ricotta cheese
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1 onion, diced
1 cup shredded mozzarella cheese Salt and pepper, to taste
2 cloves garlic, minced
1 (24 oz) jar marinara sauce
•
1. Preheat oven to 375 F. Grease a 9x13-inch baking dish. 2. Cook ziti according to package instructions. 3. In a large skillet over medium-high heat, cook the onion and garlic until softened. 4. Add marinara sauce and diced tomatoes, stirring to combine. 5. Stir in the cooked ziti and season with salt and pepper. 6. Transfer mixture to baking dish. 7. Top with ricotta and mozzarella cheese and bake for 20 minutes or until the cheese is melted and bubbly. DIRECTIONS
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