There are several ways that you can structure the ownership of your condos so that they will pass to your children on your death, but still be protected from the creditors of your children. For example, the could be put into a Florida Land Trust or you could create an enhanced life estate. The choice that is right for you is not something that you will be able to decide with information from an online forum. You should consult an experienced real estate lawyer in your area to help you structure you holdings in the way that will best accomplish your purposes.
Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.
You need to find an attorney who can do what is known as a "ladybird" deed. This is a grant of ownership to the child, but holds back the right to take until you die. You would retain a life estate, AND a "power of appointment" which is the right to give it to someone else (sell it) before your death. It is known as a future interest and has no value to the children, nor in either of their bankruptcies
Yes, it could potentially place the property at risk if you place your children's names on the deeds for the properties and they file bankruptcy or get into debt trouble. If a judgment were to be entered against them, a judgment lien could attach to your property. The special deed that was referred to above may help or you could see a trust attorney who may be able to assist you. They can place the property in a trust with a special language that allows a trustee to use assets for the benefit of your children but prevent their creditors (in most instances) from getting the assets.
You should talk to an estate planning attorney who can set up a Family Living Trust LLC. There are a lot of benefits and protections for this type of limited liability company.
This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case. The Law Offices of Stage & Associates practices state-wide and represents homeowners and community associations. Please visit our website at www.stagelaw.com.