irrevocable trust Archives

October 13, 2021April 25, 2024

Should Your Child’s Name Be on Your House Deed?

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Thinking of putting your child’s name on your house deed? If that’s the person who will get the home after you pass in any case, it might seem sensible. And maybe it is, in certain circumstances. After all, probate can be time-consuming, and even contentious.

But before making this decision, do you know that your child is ready and willing to own a house? And at that point, have you consulted with an attorney and tax specialist about doing things this way? Here are some key issues to spot before obtaining professional guidance.

January 18, 2021April 25, 2024

Should a House Be in an Irrevocable Trust?

A home can go into an irrevocable trust. But giving up control over a primary residence is not something most owners want to do. The owner lets go of the “incidents of ownership” and the house goes under a separate tax ID, with taxes filed by a trustee. The owner might continue living in the home, but the house essentially becomes a vessel to hold property for the named beneficiaries.

Any homeowner’s financial circumstances and goals can change, and so can their relationships with potential beneficiaries: family, friends, and charities. This is why an irrevocable trust makes sense only in rare situations.