🙅🏻 Never transfer assets in your kid's name

🙅🏻 Never transfer assets in your kid's name Many people want to give their kids their home once they retire to set them up for their future, but it's actually one of the worst things they can do! If a parent gifts a home to the child, then the child would have to pay capital gains taxes on all of the appreciation that accrued during the parent's lifetime if they sold it. Instead of gifting them the property while they're alive, the parents should hold it and put it in a trust with the heir as the beneficiary. That way, the property will get a "step-up in basis" when the parent dies, and the heir won't have to pay capital gains taxes on the appreciation! It's one of the best ways to keep wealth in the family instead of giving it to the IRS. Follow @seanmakesmoneyeasy for more real estate tips! #taxes #tax #stepupinbasis #taxfree #realestate #realestatehacks #moneyhacks #wealth #generationalwealth