Are you considering adding your child’s name to your house title as a means of simplifying inheritance? Before you make this significant decision, explore the potential pitfalls and legal complications that can arise. 👉 Book a Call at https://www.cunninghamlegal.com/book-your-appointment/ for estate planning, help with title, and titling your home.
Attorney Jim Cunningham will explain why this seemingly simple solution can lead to significant issues, including exposure to your child’s creditors, unintended tax consequences, and loss of control over your property. Learn about alternative strategies to achieve your estate planning goals without jeopardizing your financial security. This session is a must-attend for anyone looking to protect their assets and ensure a smooth transfer of property. Register now to gain invaluable insights and avoid common mistakes that could impact your legacy.
–Contents of this video————–
0:00 Intro to is Adding Your Child to Your Title a Bad Idea?
0:49 Why You Shouldn’t Add your Child to your Title on your House
1:37 About Speaker
2:04 Disclaimer
2:43 Reasons why You Shouldn’t Add your Child to your Title on your House(Loss of control)
8:09 What is a partition? What is a partition action?
9:44 Uniform partition of heirs property act(UPHPA)
10:45 Partition of real property act(PRPA)
11:48 Impact of UPHPA (2022) and PRPA (2023) on the partition process
12: 33 Creditor exposure
14:12 Potential for conflict
15:08 Capital gains tax consequences
18:58 Effect on your estate plan
23:29 Methods of holding title to real estate can determine outcomes
26:06 What if more than one person is on the title?
26:52 Why is probate bad in california
28:01 Probate on $3M Estate
28:17 Better ways to give your child your home
28:53 Outright gift
32:00 Loan
37:17 Protecting a gift or inheritance from threats
39:27 How do Living trusts work?
41:20 Title in an entity: Partnership, LLC or Corporation
46:38 Title in an entity: example
48:02 Office locations
48:05 Contact
👉 Book a Call at https://www.cunninghamlegal.com/book-your-appointment/ to learn how to make a living trust, avoid California estate tax, and talk to a family trust lawyer.
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CONTACT us at https://www.cunninghamlegal.com/california-law-offices/contact/ to discuss estate planning, keeping your last will or living trust up to date, and find out about upcoming California estate planning events. Offices throughout California.
WEBSITE: https://www.CunninghamLegal.com for California Estate Planning information
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PHONE: 1-866-988-3956 for a consultation on a California Living Trust!
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