02/10/2023
There are many reasons to not transfer anything to your children now. Instead of a transfer now, put the asset into a Trust. If you are no longer able to manage the property, that's fine, you can appoint them in the trust to manage it for you. Transferring the property now can have unforeseen tax consequences. Additionally, it subject's the property to your children's creditors. Even if they are "good with money", if they are found liable in, let's say, a car accident, the injured party could come after your home to playoff your child's debts. Talk to an attorney before making any big decisions like this, especially when it comes to your home. I had a client take the "do it yourself" route recently with his deed before their mom passed, now they are in probate, paying thousands in fees, and may lose 25% of their home in the process.