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re: Best Way to Transfer Real Estate to Heirs
Posted on 8/21/23 at 9:37 am to LSUFanHouston
Posted on 8/21/23 at 9:37 am to LSUFanHouston
quote:
If liability is a concern, consider having grandma drop the property into an LLC, then have grandma gift say 1% of the LLC to each of her children.
Why the gift of 1% to children? Only need to do this if estate taxes are a concern and want to discount value remaining in grandma's hands.
Single member LLC 100% owned by grandma = no separate tax return, full step up at death
1
Posted on 8/21/23 at 10:11 am to texn
quote:
Single member LLC 100% owned by grandma = no separate tax return, full step up at death
Need a 1065 to make the 754 election.
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