Will or Trust
My sickly and disabled mother owns property and wants to give me general power of attorney and also a will for property.Is a will different from trust.Which is best.
Sal
Re: Will or Trust
The better one is strictly determined by the facts of the situation. As a general rule a trust tends to be overkill.
Re: Will or Trust
If the property is gifted before death then the recipient will take title to the property at the prior owner's basis and is usually liable for hefty capital gains tax when the property is sold. If it is inherited, then the value at the time of inheritance is established at the time of death (known as a stepped-up basis). Thus, taking under a will is generally better.