What about if they are gifting to a "caretaker child"? Isn't it a little different somehow if the child the parent was giving the home to had lived there taking care of them for a certain amount of time prior to them transferring the home? Even then though could you still somehow avoid the taxes on whatever they would say the capital gains was or no?
@@CortesLawFirm Question: my family had a debate on an issue. The issue is the following: my uncle adopted a child and put his name as the father on the child's birth certificate. Does this mean THAT child is automatically entitled to the property upon death of the parent? Is the child automatically entitled to the property even if the parent is alive? Why I am asking this is because everyone in the family said "no". There needs to be a WILL that states the parent will pass on the property to the child UPON DEATH. And as you stated in this video, even if the parent did this while ALIVE, they still would have to put the transfer in WRITING ON PAPER. One family member said "no" (to everything I wrote before). He said: "once you put yourself as a parent to a child (on said child's birth certificate), they are entitled to everything automatically (regardless of whether you are dead or alive). PLEASE CLARIFY !!!!!!!!!!!!!!!!!!!!
example: what if I change house title from my name to adult child, before I get divorced, only my name is on the title not the wife's. bought the house before we got married, (house is not payed off yet , son is living and paying for everything in cali) then wife and i moved away to texas.
Good info thanks. In your sell of house example, there is house appreciation for the child and for the parents. I follow that. As you may know there is a $250K exemption for single and $500K for married on the gain. is this also divided in half or can the child still take the exemption? thanks and keep up the good work.
“There is a price to pay speaking the truth. There is a bigger price for living a lie.” ~Cornel West “Walking distance to the Riverwalk “ 🌿Dr Suez 🥰 Dr Carl
Great stuff!! 👍🏽 I wish I watched this video first rather than spending all my time listening people yammer. Hope this makes it to the top
What about if they are gifting to a "caretaker child"? Isn't it a little different somehow if the child the parent was giving the home to had lived there taking care of them for a certain amount of time prior to them transferring the home? Even then though could you still somehow avoid the taxes on whatever they would say the capital gains was or no?
Wow, this is so good compared to UK's 40% inheritance tax.
Thanks for watching
The best reason is the documents open up the door for the Inheritance thieves so we use NICER forgery proof permission validation ledgers.
Good stuff. Thanks for the info!
Thanks for watching
@@CortesLawFirm Question: my family had a debate on an issue. The issue is the following: my uncle adopted a child and put his name as the father on the child's birth certificate. Does this mean THAT child is automatically entitled to the property upon death of the parent? Is the child automatically entitled to the property even if the parent is alive? Why I am asking this is because everyone in the family said "no". There needs to be a WILL that states the parent will pass on the property to the child UPON DEATH. And as you stated in this video, even if the parent did this while ALIVE, they still would have to put the transfer in WRITING ON PAPER. One family member said "no" (to everything I wrote before). He said: "once you put yourself as a parent to a child (on said child's birth certificate), they are entitled to everything automatically (regardless of whether you are dead or alive). PLEASE CLARIFY !!!!!!!!!!!!!!!!!!!!
example:
what if I change house title from my name to adult child, before I get divorced, only my name is on the title not the wife's. bought the house before we got married, (house is not payed off yet , son is living and paying for everything in cali) then wife and i moved away to texas.
So don’t do joint tenancy…do transfer on death deed. Totally different.
Are these cases the same for land owned? Is it best to put owned land in a trust?
Thank you
Thanks for watching
Good info thanks. In your sell of house example, there is house appreciation for the child and for the parents. I follow that. As you may know there is a $250K exemption for single and $500K for married on the gain. is this also divided in half or can the child still take the exemption? thanks and keep up the good work.
Great point! I too have same question regarding capital gain exemption but no where to be found. Hope someone can help answering. Thanks
Thank you for this video, very helpful.
What does revocable living trustt really mean?
“There is a price to pay speaking the truth. There is a bigger price for living a lie.”
~Cornel West
“Walking distance to the Riverwalk “
🌿Dr Suez 🥰 Dr Carl
Thanks for watching
hello, what is the cost basis if i transfer my half of the house to my child for $1. This was suggested by a Realty Services company.
Good xplain
you look like Ronaldo from Brazil