08/11/2025
This is NOT necessarily the best option. You can protect your assets and save the cost of an expensive trust.
1: Transfer the house to you beneficiary, but retain a "life estate" (the right to live in the house for the rest of your life). On your death you still get a "stepped up basis", and while you're alive, you keep any tax exemptions you have on the property, and
2: Make sure your beneficiary is named on your other assets as either a "joint owner", "beneficiary", or is designated as a "pay on death". If this is done, you will save on taxes AND avoid probate or administration of a trust.
You will save THOUSANDS in legal and court fees.
