It’s a question that plagues nearly all homeowners – what is the best way to pass your estate to your heirs without hefty tax implications?
On Thursday night, over 60 shore homeowners found out.
Ocean City Financial Group and Hyland Levin Attorneys hosted a seminar on the topic at the The Reeds at Shelter Haven in Stone Harbor.
Guests, many of whom are owners of two or more properties, learned strategies and tips for preserving their homes for the next generation.
The seminar was the brainchild of financial planners Mark Reimet, Jodie Booth and Rick Owens, who recognized this as a common question from their clients.
“It is a major topic of conversation with many of my clients. The transfer of high-value homes can become a huge tax burden on the heirs. But there are ways to prevent this so the transition does not become a financial catastrophe for your children.”
Speakers included attorneys Harvey Shapiro and Stephen Geria of Hyland Levin who are both respected experts in tax counseling and estate planning.
“Given the opportunities that are now available and the uncertainty of future tax law changes, now is the time to act,” says Harvey Shapiro.
Highlights from the evening included topics such as:
- How to set up trusts
- How to avoid taxable gain
- How you can benefit from a family partnership
- How life insurance can protect property
After the presentation, Richard M. of Stone Harbor said, “I want to keep it simple – give the shore house to our two kids who want to keep it. And I want to help them avoid taxes. This seminar was very helpful”
“Of course, every homeowner’s situation is unique and it is always best to speak to an advisor directly about your particular estate plans,” says Reimet. “But we had a great response to this event. Attendees received a lot of information to get them started. We hope to do another seminar on this topic and other financial issues in the future.”
If you are interested in being on a mailing list for future seminars and events, please send your name, mailing address, email and phone number to
[email protected].
Ocean City Financial Group would also like to thank the evening sponsors: MassMutual Financial Group, BNY Mellon, Pacific Life, and Envestnet Asset Management.
