Times are changing and we are witnessing a new era of economic misery. Probate is not the only hardship your Estate will suffer. Today you must add several other substantial cost considerations to your Estate Planning. They deserve your careful consideration if you are to avoid the difficulties and financial pitfalls that can destroy all you have worked hard to accumulate and pass to your children. Your financial future depends on your being prepared.
Bad advice can be costly.
You may find that Double Taxation will occur when you choose that method. Whether it involves real estate or financial accounts, the mere act of placing their name on an account will likely create a Gift Tax liability. For example, Dad put his son, John, on the deed so that John would receive the home without Probate costs and delays at his death. This misinformation is completely against IRS rulings. The Unified Credit must be declared in the year that it was made.