All Forum Posts by: Kevin S.

@Jonathan Bock

I have to agree with you to some extent.  One of my son accompanied us to the financial planning session and he asked us several questions afterwards such as "Are each property going to be co-owned? Do each one own separate property individually? What if both like the same property? How do you divide the based on value if each get different property? and so on....I haven't reached there yet but will in time.  So yes, you have a point!  

@Jonathan Bock

Kids are still young to make that determination.  Nobody ever asked that question nor did that occur to me.  You are making me want to pose the next question here on BP...Why is it so much more difficult in reality??  I'll reach out to you if I decide for a second opinion.  Thanks.

@Kaden Nguyen

Thanks Kaden.  I'll reach out to you via DM later.

@Jonathan Bock

Thanks for your response.  The CFP told me 'as long as our Will mention them as beneficiaries and have Umbrella policy.'  He just completed my overall financial planning.  

What is the best way to hold investment property from an estate planning perspective and to be passed down to heirs?  My CFP told me under person name is ok.  Looking to see if there are differing opinions.  This is pertaining to state of Florida.  

Also a side question: Do you buy Umbrella policy coverage amount 'equal' to the total amount of all your investment properties and personal net worth?   It was mentioned by my insurance agent in the past.  Appreciate all answers.  Thanks.

@Glen Michael

I recently hired a PM and didn't have to provide any of those information you mentioned.

@Michael Quarles

We don't find post like yours often.  While Gino has a point my guess is that you probably were aware of that when you posted here.  

I am sure there are those who would not act if they don't pay.  On the other hand there are lot of us who are ready to act and looking for mentors like you who are truly willing to help (in the true sense) without expectations.  I will save your contact info in the meantime.

I hope you remain committed to your original post.  Thanks.

@Don Konipol

It's a good thing you posted this.  It avoid members get into trouble with people who don't have any idea about this. 

@Austin Cheatham

I get the 'step-up in basis' part.  Just want to clarify when Melanie wrote about selling at the date of death or within six months, that it appeared there will be tax implications after that time frame.  Thanks.  

@Melanie Baldridge

And what happens if not sold in six months?