Skip to Content

Real Estate and Estate Planning: What to Consider


Many families across Los Angeles own at least one property: a home. However, there are many residents who also own cabins, vacation homes or rental properties in addition to their primary residence. No matter how many pieces of real estate that a person or family owns, it can be crucial that they are addressed in an estate plan.

It can be easy to assume that passing on property is as simple as making a formal designation in a will. However, people who are of this line of thinking often fail to understand the legal and financial complications that can arise for the people who will receive property when the owner passes away.

One of the primary concerns to consider when it comes to real estate is the taxes. Whether a person leaves a home to a spouse, children, or charitable organization, the risk of that party having to pay enormous taxes is one that should generally be avoided. There are many options that people can explore when it comes to minimizing tax responsibilities, including transferring property as a gift or setting up a trust.

Another serious issue can arise when there are emotional ties to a piece of property. A family home or vacation property can be much more valuable than what it is worth on the market. People can feel very connected to a place, which makes it crucial that people openly discuss their options for the property with those who will be affected by what happens to it.

Finally, it is important to remember that people can take over a home or other property, but it might require them to take on significant financial responsibilities including maintenance and repairs. In order to ease this burden, it can be helpful to also set aside money for these costs through investments and budget planning.

Properties and homes are often contentious issues in an estate plan. However, with open communication and thorough planning, people can make the process of transferring property much easier for themselves and their loved ones. Seeking the guidance and support of professionals with legal and financial experience can help people understand their options and make the appropriate decisions.

Source: Forbes, “Passing Down Your Home? 3 Steps To Creating A Successful Estate Plan,” Ritika Puri, June 30, 2014

Share To:

Get Started

Schedule A Virtual Consultation

Contact Darrell C. Harriman today by filling out the form below or call (818) 892-7093.

  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.
  • By submitting, you agree to be contacted about your request & other information using automated technology. Message frequency varies. Msg & data rates may apply. Text STOP to cancel. Acceptable Use Policy
  • Practicing Since 1980

    I have over four decades of helping my clients through the legal process.

  • Personalized, Responsive Service

    I'll craft a personalized strategy that fits the specific needs of your case.

  • Clear Answers In Plain Language

    Simplifying complex legal issues enables you to make informed decisions.

  • Proactive Representation

    As a seasoned attorney, I work to anticipate any issues you may face in your case.