When you and your spouse are planning for the future, there are many important considerations you’ll need to think about. However, one thing may be certain – you want to give your children your house. It’s no secret the housing market can be difficult to break into, so you may want to assist your children in owning a home by transferring ownership of yours. If this reflects your wishes, you’ll want to keep reading the following blog to learn the different ways you can give your children your home. Additionally, you’ll discover why connecting with Tampa estate planning lawyers is critical during this process.
What Is the Best Way to Transfer Ownership of a Home?
First and foremost, it’s important to understand that there is no “perfect” way to transfer ownership of a home. Each option has drawbacks and advantages, which means that what might work for your family may not work for others.
The first option most people consider is gifting a home to their children. While this helps your home avoid probate, as the assets would no longer be titled in your name, it can pose tax issues for your child. Additionally, if you gift the home and then try to utilize Medicaid benefits, you will be unable until five years have elapsed.
Another option you can consider is placing your property in a trust and designating your child as a beneficiary. This again can help you avoid probate as the asset is technically not in your name. Additionally, it would allow you to qualify for Medicaid benefits, but only if the trust fund is irrevocable.
You may also decide that joint ownership may be right for you as this allows you to put your child on the dead. As this is not solely in your name, it would not go through probate upon your passing, and the asset would seamlessly transfer to the child upon your passing. However, your child will also be able to refinance or use the home as collateral, so you should carefully consider this before doing so.
How Can an Attorney Help Me?
As you can see, determining what option is best for you will depend on your unique circumstances. As such, it’s in your best interest to work with an attorney who can examine your situation to help guide you in the direction that is best for you.
At Tampa Law Group, we understand that helping your children is something you take seriously. That’s why our firm is committed to helping you determine the best option to transfer ownership. Connect with our dedicated team today to learn how we can help you explore your options so you can make the best decision for your family.
