Dear Paul
If you’re new to my weekly email, welcome! I’m glad you’re here. Most weeks I write about interesting topics – some real estate related, some just life-related – and I always try to keep it useful..!
Now, on to some biz….
If you own property on Cape Cod - whether it’s your primary residence or a cherished summer escape, then it should absolutely be part of your estate plan.
And yet, many homeowners don’t realize what that means until it’s too late.
As a Realtor, I’ve seen firsthand what can happen when real estate isn’t clearly addressed in wills, trusts, or title documents. Even the most well-intentioned families can run into delays, tax issues, or unnecessary conflict simply because no one had a clear plan in place.
Here are a few key basics to keep in mind:
· A Will isn’t always enough. Even with a Will, your property may still have to go through probate - a public, often lengthy court process. A properly structured trust can often bypass this step entirely.
· How your home is Titled matters. Is it in your name, jointly owned, or held in a trust or LLC? Title determines what happens when an owner passes, and it may not align with what your Will says.
· “Adding the kids” to the Deed can backfire. While it may sound like a simple solution, it can lead to major capital gains issues and eliminate your heirs’ right to a stepped-up basis - meaning a larger future tax bill.
· Massachusetts estate tax kicks in sooner than the federal one. The state (er, Commonwealth) threshold is lower than most expect - and many Cape homeowners unknowingly exceed it. Smart planning can help preserve more of your estate for loved ones.
To help navigate these issues, I’ve partnered with David Nunheimer, Esq. a highly respected estate planning & real estate attorney with offices both in Chatham & Hyannis. David is widely regarded as a Lower Cape Cod expert and has helped countless families create plans that protect both their property and their legacy. (My own family included!)
As a courtesy, David is offering a complimentary 15-minute consultation for my clients and readers who want to make sure their estate plan properly addresses their real estate holdings. Trust me: a quick conversation with someone like David can save your family months of hassle down the road. (And between you and me, I’m hoping to coax David into joining me for a future Fireside Chat to break this all down live - stay tuned!)
If you have questions - or just want to review what you already have in place, let me know. I’d be happy to connect you directly with David or help you start the conversation.
Your home is likely one of your most meaningful assets. Let’s make sure it’s protected and passed on the right way.
Trust you’re enjoying the summer here on the Cape - and if you’re around Friday morning, swing by Chatham Perk. I’ll be there (and yes, still insisting they serve the BEST coffee on the elbow).
Best,
Paul Borde'
Realtor® | Coastal Cape Cod, MA
License: 9585841 (MA)