"The "Great Wealth Transfer" is expected to see trillions of dollars and millions of homes pass to younger generations in the next 20 years. However, a survey by LegalZoom reveals that 42% of younger Americans feel financially unprepared to maintain an inherited home. Despite the concerns, there are ways to navigate the financial responsibilities associated with homeownership and preserve inherited properties for future generations. Here are some key insights from the article:"
"Young Americans express financial unpreparedness for inheriting homes, citing concerns about property taxes, maintenance costs, existing debt, and legal issues. Inheritance taxes can be complex, but depending on the location and value of the property, the initial tax burden may not be substantial, with exemptions available on federal and state levels. Experts suggest that inheriting a home can have positive aspects, and advise educating oneself, asking questions, and exploring options to manage costs effectively."
A multidecade transfer of trillions and millions of homes will move wealth and property to younger generations. A LegalZoom survey found 42% of younger Americans feel financially unprepared to maintain an inherited home. Common concerns include property taxes, maintenance costs, existing debt, and legal complications. Inheritance and estate tax implications vary by location and property value, and federal and state exemptions can reduce initial tax burdens. Experts note inheriting a home can be beneficial and recommend learning about obligations, asking questions, and exploring practical options to manage costs and preserve inherited properties for future generations.
Read at SFGATE
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