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Should You Have Your Children on Title of your Home with You?

Posted by James Burns | Mar 31, 2021 | 0 Comments

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If I add my child's name to the title of my house🏠, wouldn't that be the easiest way to avoid probate and transfer it quickly after I die?

Short answer: NO!

Here's the scoop: You're running a lot of risk when you do this. Take these into consideration:

❌ Want to sell the house? You'll have to ask your co-owner (your child) first.

❌ What if your child dies? You could be co-owning a house with your son-in-law or daughter-in-law because of being in a community property state.

❌ Want Medicaid? “Gifting” your house may push yourself into the “ineligible” slot.

❌ What about your other kids? This could easily start a family feud.

👉𝐓𝐡𝐞 𝐠𝐨𝐨𝐝 𝐧𝐞𝐰𝐬: 𝐓𝐡𝐢𝐬 𝐜𝐚𝐧 𝐚𝐥𝐥 𝐛𝐞 𝐚𝐯𝐨𝐢𝐝𝐞𝐝.You can still accomplish your goals AND save your family one giant headache. This is what we do and we help people with this all the time. Send us a message if you want to discuss your family situation and see what your options are.

Don't forget Proposition 19 is also a game changer on all of this. You don't have to figure it out alone; we are here to help make these BIG decisions.

About the Author

James Burns

Estate Planning, Asset Protection, Business and Real Estate Transactions, nutraceutical Law and franchising:

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