You Love Your Children, But They’re Just Not Ready.

Why Take Any Chances On Your Property? Be the Responsible Parent And Do Things the Right Way.

It’s Either You Set Them Up For Success, Or You Cut Them Off From a Better Life.

You want to give your children the world. What good parent doesn’t? That’s probably why you’re considering adding their names to the deed of your property. But while you might have nothing but good intentions, this is about the dumbest thing that you can do. There are better ways to ensure that your kids live an easy life, and it’s about time you knew how. Uncover the consequences of putting your children on the property deed and learn what you should be doing instead to safeguard their futures.

David Carrier Law is the name to trust for estate planning services and family trust law in Michigan.

Getting Kids Involved Makes the Tax Scene Complicated. You’ll Regret It When You Start Paying In Preventable Tax Implications.

The more hands that are on your property deed, the more factors that appear on your taxes. You’ll have gift tax implications to worry about, and that’s only the beginning.

Are gift taxes really that bad? If you have to ask, then it is. Gift taxes have an annual limit, and it doesn’t take a college degree to realize that gifting an entire property would send you over. Once you push your children’s annual gift limit, you start interfering with their lifetime gift limit. Is it worth it? Not by a long shot.

Causing irreversible damage to your kids’ gift tax limit is only the start.

Your Kids Could Stop You From Selling or Mortgaging the Property. As a Parent, Do You Feel In Charge?

Have you ever heard the term “loss of control”? It’s what’ll happen if you list anyone other than yourself on your property deed. Your children would have the right to stop you from selling your home, even if they’re not living there. Do you honestly think they’re ready for that kind of responsibility? You won’t have a say in the matter.

By having your kids listed on the deed, you’ll have to jump through hoops and perform extra steps just to finalize the paperwork.

What’s the Alternative to Adding Your Kids On Your Property Deed? Smart Estate Planning With Reputable Family Trust Lawyers.

Inheriting a property through a will or trust is a thousand times better than being gifted one. Aside from all the drawbacks of gift taxes that we mentioned earlier, there are perks to listing the property in your estate plan instead.

When you pass away, your children will receive the property on a “stepped-up basis”. This causes the property to be taxed at the value determined at the time of your death. Capital gains tax after inheritance will be significantly lower than the gift tax before inheritance.

What was your reason for wanting to list your kids on the property deed in the first place? Was it for security reasons, to really make sure that the property ended up in the right hands? That’s overcomplicating the process with room to spare for countless flaws. Listing your children as beneficiaries for your property in a will or trust is a better way to make sure everything goes according to plan.

Only the Ignorant Add Their Children to the Property Deed. Keep Your Assets Under Lock and Key By Consulting Professionals Who Have Better Ideas.

Schedule a Consultation With David Carrier Law For Estate Planning and Family Trust Lawyers In Michigan That You Can Count On!