If I purchased property intended to be divided between children. Now that they are adults, what is the best way to do this.
3 attorney answers
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There are a variety of ways, however, each can have its negatives as well as its positives. For example, if you transferred the property and retained a life estate, they would be legal owners, but could not do anything with the property until you passed (or you agreed). However, the property would still remain in your taxable estate when you passed. In addition, you might incur gift taxes when you transfer the property to them (although you might be able to shelter the gift using part of your lifetime exemption). Additionally, since they are now owners, any debts or judgments they incur may become encumbrances on the property.
I would strongly recommend you speak with an estate planning attorney to get a better view of your available options.
My answer does not constitute legal advice and may not be relied upon by anyone for any purpose and does not constitute an attorney/client relationship or an offer to form such a relationship. This disclaimer is intended to be fully compliant with the requirements of Treasury Department Circular 230 and the terms thereof are fully incorporated by reference.
You could create a life estate in the property measured by your life. This means that you can continue to possess the property up until your passing. Upon your passing, the remaindermen, your children, would gain ownership of the property. Please consult a local attorney to help you with this matter.
Disclaimer: The materials provided above are informational and should not be relied upon as legal advice.