There are several ways to handle a parent’s home depending on their particular health or financial situation. At a bare minimum, your parents should have a Revocable Living Trust to ensure the orderly and effectively transfer of the home to the family and avoid probate in states where the expense is significant.

The artist formerly known as “The Artist Formerly Known as Prince” had no known will or trust at the time of his death. Because Prince left no will or trust, the probate laws of the State of Minnesota will decide who inherits his massive estate, and in what percentages.

This is a very important question and something we often analyze for clients in our office. In fact, many clients rush to put their spouse on payroll, but for the wrong reasons and it could actually be a costly mistake.

I encourage all of you to ‘at least’ consider buying one rental this year (in or outside of your retirement account) and determine if it is a good fit for you.