transferring ownership of property from parent to child is a BAD IDEA - Do not do it

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  • Опубліковано 31 гру 2024

КОМЕНТАРІ • 23

  • @demetriusdykstra8822
    @demetriusdykstra8822 2 роки тому +1

    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

  • @danmoore5168
    @danmoore5168 3 роки тому +3

    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?

  • @Astral100
    @Astral100 2 роки тому +2

    Wow, this is so good compared to UK's 40% inheritance tax.

  • @AlexShantyOldLawModel
    @AlexShantyOldLawModel 10 місяців тому

    The best reason is the documents open up the door for the Inheritance thieves so we use NICER forgery proof permission validation ledgers.

  • @thejohnstonzoo
    @thejohnstonzoo 2 роки тому +2

    Good stuff. Thanks for the info!

    • @CortesLawFirm
      @CortesLawFirm  2 роки тому +1

      Thanks for watching

    • @mschoy1597
      @mschoy1597 2 роки тому

      @@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 !!!!!!!!!!!!!!!!!!!!

  • @ArtOfTheWeld
    @ArtOfTheWeld Рік тому

    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.

  • @halo9lady
    @halo9lady Рік тому

    So don’t do joint tenancy…do transfer on death deed. Totally different.

  • @JoyceisJBT
    @JoyceisJBT 2 роки тому

    Are these cases the same for land owned? Is it best to put owned land in a trust?

  • @sandypondelli5146
    @sandypondelli5146 2 роки тому +2

    Thank you

  • @saulespino9602
    @saulespino9602 2 роки тому +1

    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.

    • @victasshort1484
      @victasshort1484 Рік тому

      Great point! I too have same question regarding capital gain exemption but no where to be found. Hope someone can help answering. Thanks

  • @dougadams100
    @dougadams100 Рік тому

    Thank you for this video, very helpful.

  • @TishBaileyMusic
    @TishBaileyMusic 2 роки тому

    What does revocable living trustt really mean?

  • @dr.suezettealoysiaandcarla1664
    @dr.suezettealoysiaandcarla1664 3 роки тому +2

    “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

  • @hingyuen3465
    @hingyuen3465 2 роки тому

    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.

  • @nidasalvador9705
    @nidasalvador9705 2 роки тому

    Good xplain

  • @corgikun2579
    @corgikun2579 2 роки тому

    you look like Ronaldo from Brazil