Living Revocable Trust - what do to with my parents primary home in case of death?
I heard about having your parents put together a living revocable trust so that their stock/retirement investments and primary home can be easily handed over to their kids if they die. I also wouldnt be wanting to live at my parents home as my primary home either, since we already have a primary with my family.
Does this exempt the trustee (being myself) when receiving the assets from paying any capital gains taxes if they decide to sell/liquidate those stocks or real estate?
If not, what is the best way to prevent paying any capital gains taxes if I choose to sell those assets?
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#5 Multi-Family and Apartment Investing Contributor
- Investor
- Shelton, WA
You need to speak with an accountant in your state. Certainly a trust is doable. Your parents can also 'gift' it to you today and continue to live there as long as you will allow. There may or may not be CG tax when you sell depending on the amount of gain and exemptions. I'd consult with a local CPA.