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Why its a Bad Idea to Every Put Your Child 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? β€œGifting” your house may push yourself into the β€œineligible” slot.

❌ What about your other kids? This could easily start a family feud.
❌ You will have a potential Gift Tax issue as well as destroy any step-up for Capital Gains.

πŸ‘‰π“π‘πž 𝐠𝐨𝐨𝐝 𝐧𝐞𝐰𝐬: 𝐓𝐑𝐒𝐬 𝐜𝐚𝐧 𝐚π₯π₯ π›πž 𝐚𝐯𝐨𝐒𝐝𝐞𝐝. 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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