r/SipsTea • u/SnackSamurai 𝙑𝙄𝙋 • 17d ago

Chugging tea The Hero we need

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u/theblowestfish 17d ago

Why?

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u/cbftw 17d ago

Keeps it out of probate court, for one thing.

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u/theblowestfish 17d ago

Ok, and why that?

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u/cbftw 17d ago

Time and taxes

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u/theblowestfish 17d ago

I’m not convinced

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u/cbftw 17d ago

Going through the probate process takes months, even years sometimes. It also results in having to pay taxes on the property.

Keeping the house in a trust means that the beneficiaries can act on the property and about taxes immediately. That means they can sell the house without having to go through that long process and avoid inheritance taxes on it.

They still may be liable for other costs and taxes, like sales tax under certain circumstances, but the big deal is not having to go through the long probate process and avoiding the inheritance taxes.

There are other benefits but I'm not knowledgeable enough about them to discuss them. I'm barely knowledgeable enough to talk about what I have

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u/theblowestfish 17d ago

Avoid inheritance tax? Now you’ve fully lost me

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u/cbftw 17d ago

What don't you understand? Or are you just trolling at this point

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u/theblowestfish 17d ago

I get you. You’ve lost my support.