 |
Giving Houses to Children |
| |
 |
I owned two houses w/ clear deed, can I transfer the deed to my 4 childeren equally, even two of them are minor. what kind of options I have? thanks |
| |
| |
 |
If by "clear deed" you mean that you don't have mortgages and the properties are free and clear of debt, then it's a simple matter to transfer ownership to anyone else you want. You just sign new deeds. But there are some serious drawbacks, particularly if you give the property to minors. I don't know what your goals are -- if you're thinking of selling, transferring ownership won't save anything in the calculation of capital gains, because the kids will take over your cost basis. And once property is owned by minors, selling can be complicated and involve petitioning the courts. Better discuss the whole thing ahead of time with a lawyer who specializes in estate planning, to find out the best way to achieve your goals. |
| |
|
Edith
Originally published on December 28, 2007 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
