Irrevocable Living Will Trusts
Property assessment on inherited house?
I inherited a house from my father, through his irrevocable trust. He died, almost to the day, when we get our taxable assessment from the Michigan township where we live. Should I use the township assessor’s value instead of paying an assessor, to calculate the value of his estate? It’s simpler, and saves me a few bucks. Or should I get the house assessed now to pay lower taxes on the ’stepped up’ value of the home later, when I eventually sell it, probably in 7-10 years. Will getting an assessment on the house’s past value be a big headache down the road? A big expense?
A property tax assessment might or might not be anywhere near the actual fair market value of the house, so you should get an assessment of its actual value for estate purposes. And getting an assessment down the road for what its value was now will be close to impossible, so do it now.
Irrevocable Trust protects your assets from nursing homes
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