Avoid Probate And Avoid Putting Children’s Names On Deed

Did you know you could avoid probate without adding a child’s name to deed?

Many parents put their children’s name on the deed to the family home during their lifetime to avoid probate when they die. This might seem like a good idea! And the home or property will not have to go through probate. However, there are so many other consequences of this one action. These are consequences of greater disservice to your children, and ultimately, to you. Before you take this action, please consult with an experienced estate and asset protection attorney or an elder care attorney. And, please have a look at some of the reasons why transferring property to your children during your life may not be the best idea.

Tax Implications:

Transferring property can trigger significant tax implications, both for you and your children. Depending on the value of the property, you may be subject to gift or estate taxes, and your children may be subject to capital gains taxes when they eventually sell the property.

Loss of Control:

Once you transfer property to your children, you may lose control over how it is used or managed. Your children may decide to sell or rent the property or make other decisions that you do not agree with.

Risk of Family Conflict:

Transferring property to one child and not others, or giving unequal shares to different children, can create tension and conflict within the family. Even if you intend to be fair, perceptions of unfairness can cause resentment and hurt feelings.

Financial Risks:

If your children are not financially stable, transferring property to them may put them at risk of losing it due to bankruptcy, lawsuits, or other financial difficulties.

One of the most important reasons to avoid transferring your property is how it affects your Medicaid Eligibility:

If you transfer property to your children and later need long-term care, Medicaid may consider the transfer to be a gift and impose a penalty period before you can qualify for benefits.

If you are considering transferring property to your children, give my office a call at 404-370-0696.

Let’s discuss the many other options available to you. Establishing trusts are likely to be far more beneficial to both you and your children.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!