Should you give your home to your kids now?
Titling your home to your children can be very risky. Once your children own your home, they can sell the home out from under you or simply force you to leave, a major risk should a child develop credit or marital issues. Gifting your home also gives up equity you may need later to move to an adult community, warmer climate, or more accessible home. It also may sacrifice tax breaks that would be available if you sold the home or left it to your kids when you pass on. For further information, see our more extensive blog entry of May 15, 2011 How Should I Protect My Home Against Nursing Home Costs? as well as the elder law Q&A and articles accessible at https://www.specialneedsnj.com/elder_law.php. To subscribe to this blog, click on entries RSS to the left under Meta and then on the subscribe button.
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Interior photo: Somerset hills pastoral scene by Lawrence Friedman.