7 Answers
There isn't a need to, and there are good tax advantages when one passes if set up properly.
streetcar
FreedomFighter
13 years ago. Rating: 3 | |
The question was not to reflect on marriage or how legal obligations would be left for your spouse, i.e., taxes, house payments, etc. Ideally, your insurance would cover this but what if you don’t have enough.
Don't have enough what? The house would pass to the spouse tax free, and the cost basis would be what it transferred at, not at what was originally paid for, thereby saving potentially thousands in capital gains when sold.
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