04/24/2026
Are you over 60 years of age? This information may surprise you what could happen to your estate and your home if it is debt-free. It can cost you thousands of dollars! Knowledge is Power!
Documents To File:
1. Durable financial power of attorney
2. SSA: Advanced Designation Representation of Payee-name up to three people you trust.
3. Last Will and testament that addresses what happens to your assets, including your home.
4. Transfer on death dead ( No Probate, no court and is cheaper than a trust) or revocable living trust. A living trust is ineffective until an asset is transferred into it. You must put your house in it.
5. Advanced healthcare directive. Durable power of attorney for healthcare and a living will is included. Give copies to your doctor, hospital, trusted family member and healthcare proxy.
6. Homestead exemption for Seniors property tax exemption. Renew ever-so often. Refer to Form 1040-SR, IRS PUBLICATION 554 & 523. At age 65 at least, you can exclude up to $250K capital gain tax.
7. If you deed your home to your child as a gift while you live, your child inherits your original cost basis. Example: You bought your for $50,000 years ago, today it is worth $400,000. If you gift it to your son, his cost basis is $50,000. When he sells that home, he owes capital gains tax on $350,000. If you keep the home in your name and he inherits it after your death; Under IRS Section 1014, the cost basis steps up to the FMV on the date of your death. If the FMV is $400,000, he owes zero in capital gains tax. See IRS Publication 551.
8. Review and update everything annually.
Gather and file your 5 documents.
Free help at Eldercare Locator for those age 60 or over. Call them at 1-800-677-1116.
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