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My question is to anyone who can tell me about real

estate sales to a family...

My question is to anyone who can tell me about real

estate sales to a family member. I’m at the age where I have to start making end of life decisions and was hoping to get some advice on a few items. I want to do everything in my power to keep my life savings from any government grab and pass everything off to my children as soon as possible. Excuse me if I ask stupid questions, I am just an amateur as I am sure many people are. That is why I subscribe to this service. Here is my question. Are there ways to make my children co owners of my real estate? I am without any liens, so my guess is I can do with whatever I want with it? Yes. If yes, than where do I start? I will check back at a later date for your answer. Thanks! Mike L.
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Answered in 10 minutes by:
2/1/2016
TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
Satisfied Customers: 12,805
Experience: JD, MBA
Verified

Hello and thank you for the opportunity to assist you. My name is ***** ***** I will do my very best to answer your legal questions.

You are correct that you can do anything you want with the property. Accordingly, you can make your children co-owners of the property. The right way to handle it (assuming you want them to inherit the entire property) would be to deed the property from yourself to yourself and your children as joint tenants. That would mean that they automatically become owner of your share when you die without the need for probate.

Another way to deal with this is to deed the property to your children and keep a life estate for yourself. This means that you have the right to possess the property now, but your children have the right to the property when you die. The difference between the life estate and the joint tenancy is that in a life estate, your children would have no legal rights to the property now, while in a joint tenancy, they would have rights to the property now.

When you give the property to your kids, you'd have to worry about gift tax, but only if the property (or any other cumulative gifts in your lifetime) is worth more than the current limit, which is $5.4 million. In other words, you don't pay gift tax for gifts worth less.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied.

TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
Satisfied Customers: 12,805
Experience: JD, MBA
Verified
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Customer reply replied 2 years ago

Thanks that clears up plenty. I will ask you another question if I may. How do I do this process? Do I see an attorney or the county clerk or what? Where do I go next? I will leave this question with you. Answer anytime you can. I will check back in a few days. Thanks Again! Mike L.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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