Today is Question 3 and our answer….
Question #3: “Should I give my house to my kid?”
Usually, I would say no, because I find it is too risky. People have this idea that if they give their house to their kids, they can protect it from the nursing home. The main risk associated with transferring the house to the kids is that you are giving up control. Your kid owns your house, but you have exposed your house to your kids potential issues. What happens if your kid gets sick or dies before you? What happens if your kid goes through a divorce or they get sued because of a car accident?
Personally, I don’t know if it’s wise to transfer your home, where you are supposed to live for the rest of your life, to someone else’s ownership, even if it is your child. You may have a good relationship with your child now, but 20 years from now, that could be different. You also don’t know if your child will have gambling or drug issues in later years. I appreciate that you want to protect your home from long term care expenses, but using trusts will accomplish this, instead of giving the house away.
You can read more about this in our other blog articles, or watch our YouTube Videos.
Here are some blogs we encourage you to read…
- https://sechlerlawfirm.com/articles-6-reasons-why-you-should-own-your-house-in-a-trust/
- https://sechlerlawfirm.com/articles-what-not-to-give-you-kids-this-christmas/
