Q: IF WE SIGN OVER OUR HOME TO THE CHILDREN AND ONE IS SUED FOR SOMETHING CAN THE HOUSE BE TAKEN AWAY?
HOW WOULD YOU PREVENT THAT FROM HAPPENING? THERE ARE SIX CHILDREN WANT TO SIGN THEM ALL ON SO IT WOULD BE EQUAL. THEY ARE THE BENEFICIARIES IF WE DIE BUT WANT THEM TO HAVE THE HOME IN THEIR NAME UNTIL WE DO. DO THEY ALL HAVE TO SIGN IN PERSON? OR SEND IT IN. SEVERAL LIVE A GOOD DISTANCE. WHAT ARE THE LEGALITIES OF SIGNING OVER THE HOME.
KNOW NOTHING ABOUT THE LAWS ON THIS MATTER.
It would probably make sense to put the house into a trust in order to avoid some of these issues.
Depending on your goals, it might be a revocable trust or it might be an irrevocable trust.
You should definitely consult with an attorney for this before doing anything.
The short answer is yes, that may be a possibility. As Mr. Toron said, you are able to use a Trust to transfer the real estate after you pass. Alternatively, here in Ohio you have the ability to name people to be a transfer on death beneficiary of your residence. They will have no rights to the place until after you are gone, and their interests are not reachable by litigants.
Additionally, if you just sign over the property to your children you've just made a substantial gift. This can have implications for the IRS and state aid (if needed in the next 5 years). A 706 gift tax return will need to be filed and you may owe a significant tax depending on the property, and your finances.
I recommend sitting down with an attorney to review your situation in details, and provide you options based on your goals and family circumstances.
Best of luck.
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