Can I put my house in my child's name?

Megone Trewick, Estate Planning Director, tackles the topic of putting your child on your deed! By transferring your house into your child's name, you are now exposing your assets to your child's creditors. There are some things that you may want to think about before transferring your home into your child's name.

In this video, Megone Trewick, an associate attorney at the Law Office of Bryan Fagan, provides insights on whether it is a good idea to put your house in your child's name. Trewick discusses five costly things to consider before transferring your property to your child's name. She warns that such a transfer may result in losing tax advantages, exposing your assets to your child's creditors, losing control over ownership, disqualifying yourself for welfare benefits, and losing the cost basis. Trewick suggests that putting the property in a revocable trust may be a better alternative.

The video discusses the reasons why putting your house in your child's name may not be the best idea. The speaker lists five costly things to consider. Firstly, transferring the property to your child's name may result in losing tax advantages, such as homestead exemptions and veterans exemptions. Secondly, transferring the property to your child's name may expose your assets to your child's creditors, putting your property at risk. Thirdly, you may lose control over the ownership of your property and the right to do things like pulling out equity. Fourthly, you may lose your qualification for many welfare benefits, including Medicaid, if you transfer the property without adequate compensation to your child. Lastly, transferring your home to your child's name may result in the loss of basis, which is the cost of the house you paid for and the improvements you made to it. The video concludes that putting the property in a revocable trust while you're alive may be a better option than transferring it to your child's name.

The Law Office of Bryan Fagan is a leading family law and estate planning firm that serves the greater Houston area, including Harris and Galveston counties, and the surrounding counties in Texas. With offices in Houston, Kingwood, Humble, and the Woodlands, the firm is conveniently located to provide exceptional legal services to clients.

The firm's team of experienced attorneys is dedicated to providing personalized legal solutions in a wide range of practice areas, including divorce, child custody, child support, spousal support, property division, estate planning, and probate.

In addition to their family law practice, the attorneys at the Law Office of Bryan Fagan have extensive experience in estate planning, helping clients protect their assets and plan for the future. They provide comprehensive estate planning services, including drafting wills, trusts, and powers of attorney, as well as advising clients on tax planning and asset protection strategies.

The firm's attorneys also have significant experience in probate law, assisting clients with the legal process of settling a loved one's estate. They provide compassionate and efficient legal representation to help clients navigate the complex probate process and resolve any disputes that may arise.

At the Law Office of Bryan Fagan, clients can expect to receive personalized attention and compassionate support from attorneys who are committed to achieving the best possible outcomes. With a reputation for excellence and a track record of success, the firm is a trusted resource for individuals and families throughout the greater Houston area.

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