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.
THANK YOU
A:
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.
A:
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.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
