How do I add my children's name to my property?

I have a home that's paid in full, I'd like to add my children's name to this property. How do I do that?

How do I add my children's name to my property?
2 ways, they can buy a portion or you can gift it to them. Both are tricky but gifting is commonly done.





You need to see a lawyer to gift it to them and avoid taxes (state and federal). There are limits on what you can gift to an individual in a given year without it being taxed.


Also, be careful, if they kids get sued, they can come and attach your home if they are on the deed.


You may also wanted to look into a family limited partnership to get safely away from liability issues.


A lawyer is your best bet......
Reply:Each State is a little different. But in most cases if the child is over 18 you can deed them on. If under 18, you may need to establish a trust. Hirer a Real Estate attorney or at least consult with a local title company to make sure it is done correctly. They couple hundred dollars you spend will be well worth it.
Reply:NEVER!!!!!!!!!!!!!!!!!!!!!!!!!!!! DO THIS.





You are giving up all control of your property. Your kids will be equal owners of the property. If you want to refin, sell or do anything with this property ALL the kids will need to agree. If one doesn't agree, it will not happen.





Maybe your kids are great, but problems do come up. One may feel that you are not able to actually make decisions and will try to "protect" you. Maybe a spouse of the kid will have an input on the decision; maybe one of the kids will get into financial trouble and the bank will come after the property (remember, this is now an asset of the kids).





If you are doing this for estate planning, there are MUCH better ways to do this. Like a life estate.





Talk with a lawyer. BUT DO NOT GIVE UP CONTROL.
Reply:You can quit claim it to yourself and your children. This should be done with the help of a lawyer.


By the way, there are major tax ramifications to your course of action and you had better know what they are before doing something that you can't change back later.
Reply:Consult with an estate attorney or tax expert to do it property to shield them from tax and to protect yourself. There are a number of options that will accomplish your goals.
Reply:Safe answer:





Consult a financial estate planner to make sure you do not inadvertently cause more harm than good with your good intentions.

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