Focusing on the DC, Maryland, and Virginia probate property markets, the new release covers common questions and considerations inheritors of probate houses may have about the tax and legal implications of their new assets.
More details can be found at http://www.guidetoprobate.com/
Part of a series of efforts to educate readers about probate, Berkshire Hathaway Pen Fed Realty’s new guide focuses on the next steps inheritors should consider regarding their inherited property. The guide highlights possible outcomes they could pursue, including keeping the house for themselves, using it as a rental property, or selling it.
Each decision, as the guide notes, could significantly affect the individual’s financial and tax situation. A substantial tax hurdle readers are likely to encounter, especially for estates worth over $5 million, is the stepped-up tax.
Berkshire Hathaway Pen Fed Realty explains that, if not well accounted for, this estate tax could bite off a significant chunk of the property’s value. As such, the expert suggests enlisting the services of professionals who understand the local real estate market and can guide them through the probate process.
The guide also offers actionable tips for those planning to sell their inherited property. Outlining various probate house sales strategies, the team points out that inheritors can accept cash offers if they want a quick sale and don’t want to renovate or upgrade the property.
Conversely, individuals who prefer the traditional house listing method can maximize the sales price of their probate house by making recommended upgrades and home improvements.
The guide is written by Marc Cormier, a realtor and probate specialist who is acclaimed as one of the top 1% of real estate agents in the country. Marc Cormier works with individuals and families who want to sell their probate property fast. He can also make a cash-for-home offer based on the current condition of the house and prevailing market rates for similar properties.
Mr. Cormier states, “If a loved one has died and you find yourself inheriting their property, you’re likely experiencing a deluge of mixed emotions. In addition to grief, you may experience gratitude or even elation at your good fortune, and possibly a healthy dose of confusion and indecision. With so much to think about, you want professional real estate advice.”
Interested parties can learn more at http://www.guidetoprobate.com/
Berkshire Hathaway Pen Fed Realty
10319 Westlake Drive
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.