Inheriting the Family House? Consider These Financial Questions | WSJ Your Money Briefing

[@afonseca]

Missed opportunity to discuss renting it out for cashflow and establishing generational wealth. If the mortgage is paid off, hiring a property management company may make sense.

[@BillSias-op7xw]

If you're young enough to be a landlord, if your dad passed at 93, you could be 70! Property managers can be a legal and economic night mare, if you really aren't savvy in real estate, law and other issues like tax base, insurance and brokerage agreements, best you sell and if you need RE, buy raw land and hold it long term.

[@afonseca]

@@BillSias-op7xw I don't know that age necessarily limits your ability to be a landlord. Certainly knowledge is important so that's what this video could have delved into a bit more. I'm no expert but would like all the options presented at least.

[@jeffreyhaggott7042]

Spot on comment. Surprised that Veronica Dagher failed to mention this.

[@BillSias-op7xw]

@@afonseca LOL, if you've been a LL you'd understand what age has to do with it, but try it if you can.

[@GameFuMaster]

they touched on it. Hiring a property manager doesn't mean it's automatically going to go well. You could end up with a bad one. If you get bad tenants who don't pay their rent, it could take months for them to be evicted, which they may then also end up trashing the house. You sell a house, you get all the proceeds and none of the what-ifs and maybes.

[@Dcupholder]

Her advises are hilarious

[@lynxArul]

3:43 - let me sell an asset to buy more liabilities. Great financial advice

[@loft006]

If your parent received medical assistance before death then the house must be sold to pay that money back. It sucks and I had no idea.

[@graysoncolvin3180]

Nicely done... Not answering any of the important questions that I wanted to hear with this segment.

[@andrzejwsol]

...Like?

[@lovelilpeep99]

This seems to point out all the negatives. Very vague. I was expecting a bit more in depth. Like mentions of transfers into Trusts & such. This was the complete opposite, this was more motivation towards slavery in invisible chains ⛓️ of debt. This motivates for people to sell only to benefit the Real Estate Market & it's players.

[@BillSias-op7xw]

Yes it did, read my comments above. Generally, it will be best to sell and convert the property if you want an investment, the family home, while "free" doesn't mean its the best investment for that value.

[@user-rh6ru5oz2o]

This series is getting worse and worse

[@ssa8479]

Of course we parents want our kids to sell the house and put the money to use as they see fit. Why should we expect them to move to a house that suited us? Or rent it out while living in some other place and deal with renter hassles? Their needs are likely different from us, they may like other places/cities more, their careers may take them elsewhere. These two are making it sound like selling off mom and dad's house is a bad thing. We're just happy to be passing on some money to help them.

[@josephstupar3372]

Rent it out if you can , hire a property manager.

[@firstlast-em2yq]

Veronica appears to be expressing a significant amount of negativity. It seems she feels that people who inherit a house from their parents should behave like entitled individuals who constantly find reasons to complain. Why is it that she ignores the fact that people purchase houses in order to generate income through renting?

[@StratMatt777]

The next episode will recommend renting for life and leasing a new car every 36 months.

[@phrous]

I swear I didn't search for this, I just saw it on my feed

[@-.TS.-]

There’s going to be a huge influx of wealthy Millennials as Gen X start to pass.

[@magdadarling2655]

Lol, yup I am one of those Gen X's. I have one child and was thinking of leaving the house in a trust for her.

[@GSNY]

The WSJ should try harder to provide actual useful, balanced information. This video was pretty disappointing. For example, you should have discussed the stepped up tax basis rules of inheriting real property.

[@BillSias-op7xw]

Veronica can tell you about the plane crash with a gleam in her eyes too. She needed a story and took the down side. Real estate should not be an emotional purchase, but if it is, make sure it's affordable. Most likely, a residence in need of repair is worth more today than 5 years ago, deferred maintenance hurts value but inflation generally overcomes any real loss. Updating isn't always best, if you make updates make sure they are inline with market trends and not your personal taste or desires' Beneficiary Deed is the best way to transfer real estate to heirs, deed is transferred upon death, any mortgage, if any, is automatically assumed. You do not need a Trust, necessarily, but parents (everyone) should have a Will. With children sharing in the value, have the property appraised, if that value is not acceptable, agree that the average of two appraisals will set the value, this can be done in the Will (or Trust). I'd suggest not trying to be a "flipper" without experience, sell "as is", walk away. Buying others out can be done with a new mortgage, your interest in the property is treated like your down payment, so 3 kids, each has a 1/3 interest or 33% down payment, this avoids PMI mortgage insurance. Lastly, the sky is not falling with 7% mortgage rates, most likely folks are just spoiled from lower rates for a decade, people bought homes in the '90's at 10/11% and they survived; remember rates work to set the current price.

[@Lyraa28]

Thanks for the good advice. True, I got my house in the 90's with 8.25% and wasn't a big deal. Refinanced a couple of times and now the house is fully paid. So 7% is nothing.

[@ToothlesstheNightFury510]

Forever jealous of not being an only child and or relationship w/ an only child person for this reason 😂

[@SoCalFreelance]

I thought it was well known you sell your parents' house to finally pay off your own house, renovate, and retire debt free.