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McCurrie McCurrie
& McCurrie, L.L.C.

680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
Fax: (201) 997-9567
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Giving your home to your children is not always best

Sometimes, people try to give away assets as they age in hopes of lessening the tax burden their loved ones might face after a person passes away. They might give their children money or even sign over their house to their children. This might be able to help them avoid inheritance tax, help with Medicaid purposes and avoid probate. However, there might be other unintended consequences to gifting assets early.

When people take these steps, they often forget about what could happen unexpectedly in their children's lives that could jeopardize those assets. If a child owns your home, they could basically do whatever they want with it, including evict you. Although most people would have confidence that their children wouldn't do such a thing, it is important to take these situations into consideration before signing over a house.

If a child gets a divorce, the house might be considered marital property and be sold and split in a divorce. They could also have credit problems that you aren't aware of that could make the home subject to creditors. While people would hope that most of these things don't happen, there are also other ways to limit the financial impact of passing an asset on when a person passes away.

Speaking with an experienced estate planning attorney can help a person set up their estate so they can keep their home and still pass on their assets to their loved ones with minimal impact to the assets' values.

Source: NWI.com, "ESTATE PLANNING: Think before you give away the home," Christopher W. Yugo, Nov. 18, 2012

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