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Giving to Children |
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I WOULD JUST LIKE TO KNOW HOW OLD YOU HAVE TO BE TO HAVE PROPERTY IN YOUR NAME? AFTER MY PARENTS DIED, THEIR HOUSE WAS WILLED TO ME, AND I WOULD LIKE TO GIVE IT TO MY NIECE AND/OR NEPHEW. |
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If those children are aged less than 18 (and it may be higher in some states, I'm not sure) it can be very cumbersome, legally, for them to own real estate. Courts must supervise, guardians be appointed, legal expenses, attorneys get involved etc. And who would pay the property taxes they'd owe? Stuff like that.
I'd advise consulting a lawyer who specializes in estate planning. Explain what you're trying to accomplish, and find out the best way to do it. |
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Edith
Originally published on April 21, 2008 |
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