![]() It just means your estate plan will be easier to create. And remember, even if you don’t have much, that’s fine. Once you’ve got everything listed, you’re ready to move on to the next step. That said, you should still consider adding co-owners to some of your assets depending on your circumstances. 2) If the value of the asset is over a certain amount, they could get hit with a federal gift tax when it transfers to them. There are two downsides to this though: 1) If you ever want to sell the asset, or connect it in any way to a loan, the co-owner has to agree. Just make sure to list the person you want to add as a “joint tenant” with the “right of survivorship” on the title. Here are some common ones:ĭid you know you can add someone to the title of an asset, like a car? Yep-and it can be a good way to make sure it passes to the right person. Most people don’t realize those family videos they’ve been creating with their smartphone are considered assets. Like, do you want to leave your favorite fishing pole to your son? Or that special painting that’s been in the family forever-do you want to leave it to your niece the art lover? Physical assets can also include sentimental things (that might not have a title). If the answer is yes, it’s most likely a physical asset. Save 10% on your will with the RAMSEY10 promo code
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |