You can gift your home to a child or grandchild over many years, but you might not want to due to the tax consequences. It could also be a hassle to sign and record a new deed every year. The first question is what are your goals – why the gift over so many years? Your answer would inform an estate planning attorney on the best approach to achieving your goals.
Options for Transferring Your Home to a Loved One
There are ways to transfer property to loved ones through trusts and LLCs, but that adds to your costs.
Learn about other ways to pass your home to children or grandchildren tax-free. Be sure to talk to a qualified elder law attorney in your area to decide what method will work best for your situation and family.
Harry S. Margolis practices elder law, estate, and special needs planning in Boston and Wellesley, Massachusetts. He is the founder of ElderLawAnswers.com and answers consumer questions about estate planning issues here and at AskHarry.info.
