One Mistake Can Cost You Half

This one common mistake could cost you half your house and/or half your money. This one common mistake could cost your children a hefty tax bill.

I see people almost every day that have made it and don’t realize the consequences.

Here are some of the consequences you may not have foreseen.

What is the mistake? Putting your children on the accounts as co-owners of your accounts or on your deed.

• If your child gets divorced, do you want their spouse to get half your home and accounts?
• If your child gets in an at fault accident, do you want the other person to get half your home and account?
• If your child gets in IRS trouble, do you want the IRS to put a lien against your house?
• If your child gets in credit problems, even if it isn’t their fault, do you want to have to fight their creditors to keep your money?
• If you want to sell the house, do you want to give half the money to your child?
• If you put your child on the deed to your house
  • They will owe capital gains tax on their half based on what you paid for the house
  • You’ve just pushed probate off onto the next generation

There are alternatives that can protect your money and home while allowing your children to manage your money if you aren’t able to anymore.

Setup a Call to Learn the Alternatives

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from DeWitt Law Firm, PLLC