The Real Deal Miami

How to bequeath your home to your kids

April 23, 2009 01:34PM

On MSNBC’s Today Show, Barbara Corcoran, founder of the Corcoran Group, offers advice for parents thinking about leaving their homes to their kids. She said it’s better for the parents to pass their homes on before they die so that the kids don’t have to pay such high taxes. Parents should discuss the bequest with their children in advance, hire estate planning attorneys to prepare a will, and leave the children’s spouse out of the will in case of a future divorce. Corcoran said one option is to put the home into a trust agreement, which transfers the home to the children but allows the parent to keep living there.