The house is worth $1.7 million and we do not have a mortgage. She is in her mid-40's and I'm in my mid-50's. We have two school age children.
Is there any reason to do this? I know several of my buddies have deeded their homes to their wives and several have set up trusts, etc.
What do you think?
Estate Planning Attorney
There are many reasons why you might want to put your house in your wife's name only,. Some of the reasons include estate tax planning and asset protection.
You should consult with an estate planning attorney who can review your entire situation and come up with a plan that provides for your needs,.
I completely agree with the prior answer. You need to run to an estate planning attorney in your area to make sure that you are taking the best care you can of your family.
A wise attorney who mentored me many years ago, said that "The best asset protection planning is a good marriage". Of course, he said that before his own divorce!
You really should speak with an estate planning attorney about the best way to structure your assets for protection and for the future. Consider, for instance, what would happen if she pre-deceased you. Despite your age difference, we don't have a crystal ball to tell us what will happen to us and our loved ones. You might well be setting yourself up of costs and taxes you had not planned for.
This answer does not constitute legal advice and does not and is not intended to create an attorney-client relationship. The law may vary depending on the state in which you reside. It is intended only to give some direction in which to seek assistance.