Second Half of Life Podcast

Should I give my house to my child for $1?

October 10, 2020 Steinbacher, Goodall & Yurchak Season 1 Episode 34
Second Half of Life Podcast
Should I give my house to my child for $1?
Chapters
Second Half of Life Podcast
Should I give my house to my child for $1?
Oct 10, 2020 Season 1 Episode 34
Steinbacher, Goodall & Yurchak

Why not sell your house to your adult child for $1 as a way to protect that asset from creditors or reduce your estate tax? Long-Term Care Planner Kristin Daugherty and Attorney Jenna Franks explain why this isn't a good idea and why our law firm generally advises against this practice. They also offer an alternative that may accomplish the same goals as selling your home for $1, only without the potential downside. 

Show Notes

Why not sell your house to your adult child for $1 as a way to protect that asset from creditors or reduce your estate tax? Long-Term Care Planner Kristin Daugherty and Attorney Jenna Franks explain why this isn't a good idea and why our law firm generally advises against this practice. They also offer an alternative that may accomplish the same goals as selling your home for $1, only without the potential downside.