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A Common Misperception of the Federal Estate, Gift Taxes

August 31, 2022 - 00:00
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About once a week, I’ll have a client ask about avoiding probate by “just adding my child to my house deed.” While this seems like a good idea, it usually DOES NOT accomplish what they think. Many clients believe that by adding the child to the deed, now the co-owned property will automatically go 100% to the child; this is not true.When you add a child to the deed, usually, the child only receives part ownership of the property. The remaining portion is still owned by the client. (That is unless the client signs the entire property to the child.) ...

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