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Chris Kopf Coldwell Banker Mountain Properties

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Passing Down or Selling Your Crested Butte Home to Your Children

October 10, 2018 By Chris Kopf

Passing Down or Selling Your Crested Butte Home to Your ChildrenPassing Down or Selling Your Crested Butte Home to Your Children

The decision to sell your Crested Butte home can be difficult, especially because of the fond memories you have there. Your Crested Butte home may be a place where family often comes together. If your children still regularly visit the home you may consider passing down or selling your Crested Butte home to your children. It is a good idea to discuss all of this with your children. You should also to talk with your CPA or financial advisor and estate attorney to understand the implications and benefits of either passing down or selling your Crested Butte home to your children. In the end, it may be better to sell the home and put the proceeds in your estate, a gift, a trust, or a 529 plan for the grandkids’ college education.

Does Passing Down the Home Make Sense?

Partnership and Selling Your Crested Butte HomeOf course, passing down or selling your Crested Butte home to your children depends on whether they even want the home. If you have one child it may be easy, but with multiple children you may be creating a future mess. There will be challenges having to do with when each child gets to use the home. They will need to figure out who pays the bills, who oversees the service providers, who keeps tabs on the condition of the home. If the home falls into disrepair, who makes decisions about repairs or remodeling? Finally, at some point, your children will have to make decisions about selling the home. These topics may lead to conflict and you might decide to avoid these problems all together.

Financial and Legal Considerations

26 Whetstone RoadThere are also financial and legal considerations for passing down or selling your Crested Butte home to your children. It may be wise to put the property into a trust, along with money to cover its operating costs for at least ten years. This may depend on the financial situation of your children. You will also need to decide if you want to transfer the property to a trust now, or wait until your death and have the home part of the estate. Putting the property in a trust and transferring ownership can help to avoid estate taxes.

What you want to ensure is that your mountain home will not go through costly and time-consuming probate. If not handled properly, and if the home is in a different state from your main residence, your heirs may have the complication and legal fees associated with going through probate in two states. There are no simple answers to how to set all of this up. Federal and state tax, and estate and gifting laws are subject to change even after you set up your strategy.

Passing Down or Selling Your Crested Butte Home to Your Children Final Thoughts

Crested Butte Co Real EstateI hope you see the level of detail and time and effort I put into this candid article Passing Down or Selling Your Crested Butte Home to Your Children. 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.

Thanks,
Chris.

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.

If you are Considering Selling Your Home in Crested Butte

Selling your Mountain Home TipsClick HERE to get FREE Real Estate book by Chris Kopf, “The Complete Guide to SELLING Your Mountain Dream Home”

If you considering Selling your Crested Butte home and are interested in finding out what your existing property is worth – call me.

Chris Kopf
Broker / Owner
Global Luxury Property Specialist
Coldwell Banker Mountain Properties
chris@chriskopf.com
(970) 209-5405

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Chris Kopf, Coldwell Banker Mountain Properties
305 6th Street
Crested Butte, CO 81224
  • Chris.Kopf@CBMP.com
  • (970) 209-5405

Testimonials

Bobby Nichols

"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "

 
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:45:19-07:00
"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "  
https://chriskopf.com/testimonials/bobby-nichols/

Jeff Hollings

Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:46:48-07:00
Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
https://chriskopf.com/testimonials/jeff-hollings/

James Brennan

This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
Crested Butte Real Estate by Chris Kopf
2014-10-14T17:59:24-06:00
This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
https://chriskopf.com/testimonials/james-brennan/

Jane Saltzman

Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:49:37-07:00
Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
https://chriskopf.com/testimonials/jane-saltzman/

Georges Lussier

The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:40-06:00
The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
https://chriskopf.com/testimonials/georges-lussier/

Frank Stringer

Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:51:04-07:00
Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
https://chriskopf.com/testimonials/frank-stringer/

Paul & Julie Keesee

Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:59-06:00
Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
https://chriskopf.com/testimonials/paul-julie-keesee/

Jim & Sandra Wickham

Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:18-06:00
Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
https://chriskopf.com/testimonials/jim-sandra-wickham/

Tom & Mary Aton

It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:31-06:00
It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
https://chriskopf.com/testimonials/tom-mary-aton/

Dan Aquaviva

This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:26-06:00
This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
https://chriskopf.com/testimonials/dan-aquaviva/
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Crested Butte Real Estate by Chris Kopf

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