Keeping Your Crested Butte Home In The Family
It can be a difficult decision to sell your Crested Butte home. Are you considering keeping your Crested Butte home in the family? You may have many memories formed in this home. Is this a place where your family often comes together? You may be thinking about selling or passing your Crested Butte home down to your children. There are many things you should consider if that is the way you are leaning. You should also talk to your CPA or financial advisor and estate attorney to understand the implications and benefits of either passing down or selling to your children. It could be better to sell your Crested Butte home and put the proceeds from it in your estate, a gift, trust of 529 plan for your grandkids’ college education.
There May Be Conflict
First you need to find out if your children even want your home. Do you have more than one child? This can be a little difficult if you are passing down to more than one. There may be challenges as to when each child could use the home. Who pays the bills, oversees the service providers and keeps tabs on the condition of the home? Think about who will make the decisions regarding repairs or remodeling. At some point your children will have to make decisions about selling the home. It can create conflict. Do you want to avoid these problems all together??
Financial and Legal
There are many decisions when it comes to finances and legal when selling your Crested Butte home to your children. You will need to decide whether you want to transfer your property to a trust now or wait until your death and have the home part of the estate. Some put the property into a trust, along with money to cover its operating costs for at least ten years. You need to consider the financial situation your children are currently in. Transferring ownership and putting your property in a trust can help to avoid estate taxes.
Think about what is best for your family and if your children really want to deal with everything when buying or receiving the house from you. Make sure your mountain home will not go through costly and time-consuming probate. It may be complicated for your children if the home is in a different state than your main residence. They may also deal with legal fees. Laws pertaining to federal and state tax and estate and gifting laws are subject to change over time. I recommend doing some research and really talking it out with your children if this is something you want to do.
I hope you see the level of detail and time and effort I put into this candid article Keeping Your Crested Butte Home In The Family. I have become a Top Real Estate Agent in Crested Butte by providing my clients with information and insight. This helps my clients to make informed decisions. Some decisions are not always easy.
This article is an example of what you can expect from me as your agent.
How can I help you?
I have over 30 years of sales and marketing experience and am a top real estate agent in the mountain town of Crested Butte, Colorado representing affluent clients who are buying and selling their homes and properties. To see featured properties or search the MLS – visit chriskopf.com.
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Global Luxury Property Specialist
Coldwell Banker Mountain Properties