Quote:
Originally Posted by Mortal1
an equally salient point is that even if you leave the kids the house they will still have to pay the taxes on it's worth. This from a tax expert(cpa). now I hope they are wrong, but it doesn't sound like a good thing.
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Do you mean property taxes if they choose to keep the property? Or is there some kind of inheritance tax on the property?
Our kids aren't anywhere near 55 so I don't see them wanting to keep a house in an over 55 community if something were to happen to me and their dad. But I also don't see them wanting to deal with the taxes, maintenance and upkeep on the fairly large house that we have now - our current house is in a regular suburban Florida neighborhood and we are seriously thinking of downsizing to TV. Hopefully, my husband and I will be around for a long time but we've seen from friends/family that that is not always a given. Rather than deal with the logistics of it all during a crisis, I'd prefer to simplify things while we're still young, reasonably healthy and can think through it all together. Our kids are still college age and their focus in the coming years will need to be on working hard and getting started out in life. If they want to come live near us or even with us for a time, fine, but they won't have to worry about us in TV.