Written by attorney Travis I. Dafoe

Don’t Put Your Kids On Your Deeds

It is generally a mistake to put your kids on your property deed.

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So, it is a bad idea, but it is cheap and easy. For both accounts and deeds, some parents only put one child’s name on them and then expect the child to distribute funds to the other children. This is the worst estate planning possible. First, the child that name does not have to do what you wish. Legally, they may not have to either. Additionally, the tax consequences are horrible. First, you do not get a stepped up basis, but you may have to pay taxes on the transfers. Because, now it is not an inheritance but a gift from one sibling to another. In the end, the cost greatly exceeds the money that was maybe saved in not do proper estate planning.

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