I do not want to make a will; I want to give everything I own to my children before I die, how do I do that?

Question

Kathleen Delacy · Answer

You can gift up to $14,000 per person each year.  You can just give to them.  No special process unless worth more than $14,000 in any year to any one person, then you just need to file a Gift Tax REturn.

Monica H. Donaldson Stewart · Answer

Without knowing more about your particular situation, I cannot advise you to convey your estate to your children during your lifetime rather than creating a will, a living trust, or making other appropriate beneficiary designations.

Douglas Tull · Answer

I suppose it depends on when you plan to die and how much money you will need to live on between now and then!  There are creative ways to make it so that your assets pass, on your death, to your children, without having those asset pass through probate - gifting is the least creative way - and most problematic because you can't "take back" the gift once made - and you can't predict when you will die to know how much you will need otherwise.

James Frederick · Answer

More information is needed before being able to give you information. There are a number of ways of handling this, but it depends on the asset in question and the beneficiaries in question. It may be better for you, AND for the beneficiaries, to set things up so title does not pass until your death. There are ways of doing this without a Will.  You should strongly consider a Durable Power of Attorney form for health care and financial matters, regardless of what you do with the rest of your estate planning.

Mark T. Peters · Answer

You could title everything in yours and your children' s names, but that could be difficult.  Also, it doesn't help with personal property that doesn't have a certificate of title, etc.  It does not cost that much to have a will and in Idaho the lawyers, if you use one, only charge an hourly rate.   Call the Idaho State Bar and ask for a referral.  You may find that it is better to do a will.

Richard Wooster · Answer

The easiest way is to make a will.  It does not make sense not to make a will, the cost of a simple will is less than $300.00.

Jeffrey Lisnow · Answer

Consult with an attorney who can guide you correctly.  Many, such as myself, will even do telephone consultations.  The money spent now may be well worth it to your family in the future.

Thomas Edward Gates · Answer

It depends on what state you live in and whether you are married.  In Washington, if you are not married and do not have a will, all of the estate goes to the children in equal shares after the creditors have been paid.

Norman Green · Answer

Start by reading "King Lear" (or a summary of it).  He gave everything to his kids, but it turned out that once he gave them everything, they didn't want to support him in the style that he wanted.  But if you do want to give them everything, be sure you hold back enough to pay an accountant or lawyer to prepare your gift tax return.  (Don't worry about the tax; unless you've got a LOT, there won't be any, but you will be required to file a return.

James Oberholtzer · Answer

The easy way is to make a Will.  The harder and more expensive way is to make a Trust.

Daniel J. Pingelton · Answer

That's a mistake. You should consider instead a trust as part of a will. See an experienced estate planning attorney.

Victor Waid · Answer

Start right now by transferring your properties to those persons, and on accounts use a Pay On Death designation, and as to life insurance name all of the beneficiaries you intend to receive. Good for you and see the smile on the faces of the receiver. Keep a list of the gifts and to whom made, and date made just for your own record.

Charles Cruikshank · Answer

If you give everything you own to your children before you die, you may later find that you need something you gave away and that it is not available to you, for instance money or a house. Your child or children may have sold it, given it away or made a bad investment. It may be better to put your assets in trust so that they are available to you easily during your life (if you appoint yourself as trustee) or by actions of a professional trustees, such as a trusted relative or a bank trust department. If you appoint another person as your trustee or appoint a professional trustee, your trustee would then distribute your assets to your children after you pass. A lifetime outright gift cannot be revoked, but a "living trust" (created while you are alive) can be changed while you are alive if circumstances change. It is your choice, but it's always better to not make a decision that can't be changed if unpredictable events change your needs.

Michael Doland · Answer

There is an annual gift tax exclusion. There is a lifetime gift tax exclusion. You need a good CPA or estate attorney to review your individual circumstances to advise you how to proceed.

Neil Lehto · Answer

Giving everything you own to your children before your death is asking for trouble. That said, real estate, bank and investment accounts, retirement plans, insurance policies and such assets would need to be formally transferred in writing. Automobiles need to transferred writing. Most other typical items of household property can be transferred in an informal writing - a possibly tedious job if you are not actually delivering possession of them to your children. There are federal gift and income tax consequences of doing so for you and for your children.

Bernard H. Greenberg · Answer

Well, you can give property and assets away to children prior to your death, but it is unwise to do so without thinking it through. The following issues should be considered:     1. Is it the right thing to do for each child?    2. Are you concerned about the loss of the basis step-up you create by    these gifts?    3. What is your gift tax position?    4. What kind of assets are you considering gifting?    5. What is the purpose of gifting prior to your death?    6. Have you considered the implications of gifting on your possible    future need for long term care?  Each of these issues must be considered alone and together prior to pursuing any gifting strategy. A lawyer who specializes in estate planning can assist you further.

Jeffrey Gottlieb · Answer

You want to know how to give everything to your children? Just give it to them. If it's cash, write a check. Keep in mind that you will be required to file a gift tax return if it amounts to more than $14,000 per child.

Dara J. Goldsmith · Answer

That may sound like a simple question but the answer is complex in that there may be all sorts of consequences that may impact you negatively depending upon your situation.  You should meet with an estate planning attorney to address your objective, current status and ability to pay bills, etc. and then the two of you may develop a plan that best meets your needs.

David McAndrew · Answer

Add them as joint owners with rights of survivorship on your property and designated beneficiaries of your other assets.  However, there are some downsides to these methods.

Susan Wideman · Answer

Change the owner of your assets to your children.  This may however cause numerous, tax, legal, and long term care issues for you.

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I do not want to make a will; I want to give everything I own to my children before I die, how do I do that?

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