Real Estate and Estate Planning

According to the National Association of Estate Planners & Councils, the purpose of estate planning is to “…develop a strategy that will maintain the financial security of individuals through their lifetime and ensure the intended transfer of their property and assets at death, while taking into consideration the unique circumstances of the family and the potential costs of different methods”.

If one owns a home, vacation property or other real estate, you should be aware of the estate planning issues that apply due to real estate ownership.  For the average individual or family, the value of a personal residence ranges between twenty and forty-percent of their net worth, so a sizable portion of most estates are typically in the homes equity. 

As such, there is a significant relationship between ones real estate holdings and their estate plan.  One should ensure that proper planning is conducted well in advance to avoid probate as well as the possibility of triggering estate taxes.

There are many different estate planning strategies for real estate including “life estate” deeds, holding title in joint tenancy with right of survivorship or tenants in common, qualified personal residence trust (QPRT) and more.  As every situation is different, it is highly recommended that you consult with qualified legal and tax experts to make sure that your property passes upon the death of the owner outside of probate.

The National Association of Estate Planners and Councils has a brochure entitled “Your Guide to Collaborative Estate Planning”.  This guide can be accessed by clicking here or on the image below.

What are your options for the inherited real estate?

There are a number of different paths you can take with an inherited property.  We find that the most frequently used options are as follows:

  • Keep the Property in the Family
  • Rent the Property
  • Sell the Property by Yourself
  • Sell the Property “As Is” to a Wholesaler
  • List the Property with a Conventional Realtor
  • Hire a Probate Real Estate Specialist to Handle the Entire Process

As Certified Probate Real Estate Specialists (CPRES) and members of two local area estate planning councils here in the South Florida area, we are here to help with all your inherited property / probate real estate needs.

To learn more, please visit our “Complete Guide on What To Do When You Inherit a Home or Other Real Estate”.

About Quantum Realty Advisors, Inc.

Our firm differs from “traditional” real estate companies as we specialize in working not only with individuals and families but with professional advisors including attorneys, accountants, investment managers, trust officers and financial institutions to assist their clients with all their real estate needs.

The top three reasons to work with Chris and Amy are:

  • HONESTY, INTEGRITY AND TRUST.   In the last 10 years, more than 80% of our business comes from referrals or repeat clients showing that we develop trustworthy relationships with our clients.
  • EXPERIENCE.  Having successfully closed more than 2,000 real estate transactions, we know what it takes to get the job done properly, and in a timely manner.
  • WE GET MAXIMUM VALUE FOR OUR CLIENTS. While most real estate professionals say they get the best price for their clients, there is little that can prove that claim.  However, based on a study of home sales from 2012 to 2019 where an independent appraisal was conducted in advance, Chris & Amy achieved an average of 104.5% of value on more than 350 residential sales.
No matter where the property is located, the price point or the individual situation, Chris and Amy should be your first call for any real estate matter.

Contact us at 561.584.8555 or via email at info@quantumcos.com.

Luxury & Residential Home Sales

Inherited Property and Probate Real Estate

Corporate and Business Real Estate

Commercial Valuation & Advisory Services

Disclaimer:  This information is provided for educational purposes only and does not represent legal advice.  We do not provide tax, legal or accounting advice.  You should seek independent representation.  If you need assistance finding representation we would be happy to help refer you to a qualified professional.