Probate Avoidance Gymnastics
I invite you to experience a common conversation I have with clients regarding their estate planning: Client: For “x” reason I want to avoid probate so I added my daughter as an owner of my house, so when I pass away, my house will not go through probate. Me: That is true – your house will avoid probate, but in adding your daughter as an owner, you’ve made a gift, which has tax implications. At a bare minimum, you might want to file a gift tax return which may run you severa
