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How to add your child to your real estate

Jacksonville, FL |

How do you add your son to your properties so the parents and the son share ownership

Attorney Answers 6

Posted

Simpe answer: create a new deed from you transferring title to yourself and the son; however, I would suggest you get an attorney to prepare same so that the proper interests are conveyed. Additionally, title insurance can be affected depending on the type of deed used.

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Posted

Simple answer: create a new deed from you transferring title to yourself and the son; however, I would suggest you get an attorney to prepare same so that the proper interests are conveyed. Additionally, title insurance can be affected depending on the type of deed used.

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The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change.

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Posted

The prior attorney gave you how you do this. However, you have not stated why you want to do this. You need to consider various practical considerations, gift tax implications and overall estate planning implications before you make such a transfer. Hire a good estate planning attorney in your area before you do anything. If you want a referral, please do not hesitate to contact me.

Hope this helps.

LEGAL DISCLAIMER
Mr. Fromm is licensed to practice law in PA. The response herein is not legal advice and does not create an attorney/ client relationship. The response is only in the form of legal education and is intended to only provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Fromm strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received.
By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question.
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Posted

As Attorney Fromm mentions, there are some serious consequences in adding your child as an owner on your real estate. In addition to possible gift taxes, there may also be income tax consequences for your son after you pass away. When you give your son ownership interest while you are alive, he loses a "step up" in basis in that interest that he would otherwise get if he inherits it when you die. That could mean additional capital gains taxes when your son sells the property.

Also, if your son is a co-owner of your property and he becomes divorced or faces financial problems, you could find yourself a joint owner with a former daughter-in-law or one of your son's creditors. You could even be forced to sell in order for his debts to be satisfied.

Depending on how you title the property, if your son dies before you do his interest in the property could pass to his heirs and you might be co-owner with his wife or children.

Some or all of these concerns can be resolved but you need a knowledgeable attorney to help you navigate all of these issues successfully.

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Posted

I have to reiterate that you should speak with an attorney before proceeding. Make sure that the person is licensed in Florida. The law varies by state, and an out of state attorney will not understand the applicability of a homestead exemption or other Florida law. There are a number of things you need to consider. Speak with a Florida attorney for specific legal advice regarding your circumstances. Regards,

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Posted

You should consider using an Enhanced life estate deed to do this. It avoids many of the problem that can happen if you add a child to the deed.

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