godged
Favorite Answer
Probably not. Talk to an attorney who does estate planning about the best way to convey title upon your demise with a minimal tax implication for your children.
If you go into a long term care facility a couple of years after putting your home in your children's name, the state can try to take it back to pay for your care. These folks are relentless.
real estate guy
NO, NO, NO. Talk with a lawyer that handles estate planning.
There are tax issues. However, the biggest issue is this. If you put the property in the kids name, they OWN IT. NOT YOU. You have lost all say to the property. If you want to refinance or take a loan or even sell it, the KIDS have to OK IT. And at some point, they kids will think you are too old to being doing what you want to do. Trust me. It happens even with the "best" kids.
A Hunch
Talk to an estate attorney, but probably a living trust is the best option.
All of your estates are owned by the trust ("you" are no longer the owner, The "trust of you" is the owner"). You specify who inherits the trust and when you pass, the trust is automatically transferred to them.
- This usually saves on probate costs.
Gerry S
Probably more favorable to put it into a trust. Talk to an attorney who is versed in estate and trust issues.
NaturesDoctor
Talk with an attorney who specializes in estate planning.