Legal Question in Wills and Trusts in Florida
since 1984 i have a will.i left everthing to my 3 children.now i got a home in 2011,i would like to leave the home to my older son,since he does not have a home.also i don't want him to pay alot of tax on the house. thank you.
2 Answers from Attorneys
There are several ways. By Will, Deed or Trust.
You need to consult with an attorney to determine which works best for you.
You may draft your will to leave your residence to your older son. Unless your residence is
appraised at an extremely high value, there should be no federal estate tax liability. Of course,
a review of your estate property and debt is necessary to advise you regarding specific tax liabilities. Your son receiving the house will be responsible for real property taxes. Florida has no inheritance tax regarding such bequests.
If your children are adults, you may divide the property as you wish. If you have children who are minors, they have certain rights regarding your estate.
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