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Marietta Will and Trust Lawyer: Sell the House, or Keep It for the Kids?

Marietta Will and Trust Lawyer: Sell the House, or Keep It for the Kids?

Like many Americans, your home is probably your largest asset. However, if you have children who have grown and moved away, you’re left with an empty nest, quiet and big. You may be torn between keeping the house and passing it to your children someday, or selling it. On one hand, it may be the biggest asset you could pass onto your children. On the other hand, you have your own immediate needs to consider, and maybe you’re not quite sure your kids could handle the house when you are gone. Before deciding whether to sell or keep your home, consider the following:


 Your estate won’t pay federal estate taxes if the property is worth less than $11.2 million (current amount per person in 2018; $22.4 million for a couple), and Georgia has no estate or inheritance tax to deal with. Likewise, if your heirs keep the house, they will have to pay for upkeep, including property taxes. Property taxes increase as property values increase. While your children may want to have your house, they may not be ready to pay the taxes.

Your children will also have to pay taxes if they sell the house. This may be no big deal if the house is very valuable, gets a good price, and is sold in a seller’s market. However, if your children feel compelled to sell it, they may not be able to wait for an ideal time. You, on the other hand, may have time to wait for better conditions and can better absorb the taxes.


Regardless of whether your children keep your house or not, they may have to deal with cleaning, de-cluttering, repairs, and renovations. Unless you’ve been diligent with downsizing, you may be leaving a lot of work for your children, who may also have jobs and families to care for. You, however, may be in a better position to make your house move-in ready for your children or whoever buys the house.

The Here and Now 

It’s important to plan for your future, but estate planning is about the present, too. You’re still alive, and you not only have needs, but desires and wishes. You probably don’t want to spend all your golden years planning for the time when you won’t be around.

If you don’t want to keep and care for a big house, you could still maximize the inheritance you are leaving to your family while enjoying your life. You could sell your house and buy a smaller condo, while putting the remaining money in a trust to take care of your expenses while you relax, take up a hobby, explore the world, or spend your time focusing on volunteer and charity work. The trust can then be left to your family when you are gone someday.

A Marietta will and trust lawyer can help you create an estate plan that fits your present needs and your desire to leave something for your children. We can help you understand both the laws that govern your property and the relationships you want to preserve. If you’d like to speak to our Marietta will and trust attorneys about creating an estate plan that is tailored to your needs, simply call 770-425-6060 to set up a consultation.




New to Georgia? Talk to Your Marietta Will and Trust Lawyer About Your Estate Plan.

New to Georgia? Talk to Your Marietta Will and Trust Lawyer About Your Estate Plan.

Will and Trust lawyers in Marietta have the important job of helping their clients create a legacy that is compliant with a number of different laws. For the most part, these laws will vary from state to state.  Some differences are minor, while others can impact an estate plan significantly.  Someone who already has established a will, trust, or other legal documents in one state should probably review their documents with a qualified attorney before relocating to another.

For example, if you created a trust in Georgia but then move to Florida for retirement, you will want to talk to a local Florida attorney to ensure that your wishes would still be honored and your new property protected under Florida state laws.  If you don’t know a lawyer in your new state, ask your current attorney if he or she can help make a referral.

If you are not moving away for good but still plan to buy property out of state, perhaps to live as a “snowbird” for half the year, you still need to notify your lawyer and ensure you have plans that work under each state’s laws. Otherwise, you could wind up in a situation where your estate goes through two separate probates, and your family is forced to fly all over the country to handle your end-of-life affairs.

There are some additional estate planning documents that should always be addressed with an estate planning lawyer when moving to a new state.  Powers of attorney are vital for determining who can represent you should you become incapacitated, and those are administered under state law.  Powers of attorney drawn up by a will and trust lawyer in Marietta may be disregarded by the courts in another area of the country so again, talk to your lawyer to ensure your documents will remain in compliance.

A final consideration in the discussion of where to establish a trust is the tax implications. By working with a qualified Marietta will and trust lawyer, you can uncover which state may hold the highest benefits for you, your estate, and your heirs for tax purposes.  It is possible to have trusts set up in more than one state, though the complexities of doing so are absolutely something that should be done with the guidance of a knowledgeable professional with plenty of experience in trusts administration.

Because estate planning documents take time to put in place, talk to your lawyer well before the date that you plan to leave the state for good. That will ensure that your documents will work as you intend them to, no matter where you are in the United States! For help getting started, contact our Marietta will and trust lawyers at 770-425-6060 to schedule a consultation.





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