QUESTION
How can I transfer ownership of my house to my son and daughter so when my wife and I pass on, there would be no interference from the state.
Asked on Oct 28th, 2021 on Estate Planning - Ohio
More details to this question:
None as yet. I want my house or our house, wife and I, to be owned by our kids and us. As in co-ownership of a vehicle. When I/we pass on, the other owner has possesion of the vehicle without the hassle of interference from the state. No taxes or inheritance or probate hassles. I have learned from day one, (27 years ago,long story,) The state of Ohio is among some of the greediest people I know, not to mention stupidity. We want our children to take possession of our home as if they owned it from day one.
1 ANSWER
Asset Protection and Medicaid Planning Attorney serving Cuyahoga Falls, OH
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I highly recommend against co-ownership. There are issues with liability, gifting/ Medicaid, finances and taxes that can arise. The two main ways that you can transfer property without probate are through the use of a Trust, or setting up the title to the asset to pass to a beneficiary via a transfer on death designation. Keep in mind that you will probably want to ensure that your children recevie a step up in basis when they inherit the asset to reduce any capital gains tax that they may need to pay. You may want to sit down with an estate planning attorney to review the specifics of your situation and advise you.
Best of luck.
Answered on Nov 01st, 2021 at 6:39 AM