Legal Question in Real Estate Law in Maryland
changing a will
should a parent put their house in their kids name when they are older
Asked on 6/04/07, 9:52 pm
1 Answer from Attorneys
Robert Sher
Wagshal and Sher
Re: changing a will
No. First of all, you will lose control of your property. Second, your children will possibly be subject to a gift tax. Third, if the children sell the house after the parents move out or pass away, they will pay a much larger capital gains tax than if they receive the house by inheritance.
Answered on 6/05/07, 9:38 am
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