Can I Transfer a Deed to My House to My Kids Before I Die?
Whether or not you can transfer a deed to your house to your kids before you die depends on a few key specifics of your own situation. Find out if you can transfer a deed to your house to your kids before you die with help from an entrepreneur, real estate broker and real estate coach in this free video clip.
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Hi, my name is Brendan Bartic, with TheBarticGroup.com, here in Denver, Colorado, and today I'm gonna be talking about if you can transfer the deed of your property to a child before you die. The answer to that question is yes, and there's a number of different options that are available to you. The first is to do a quick claim deed. Now with a quick claim deed, basically you are just turning over all ownership of the property to the child, and you are taking no more further responsibility from that point. Now, there are several different tax implications that happen with the utilizing a quick claim deed, so I'd highly recommend before you make this decision, to talk to your accountant or licensed real estate professional. The second is to add your child to the deed in what we would call joint ownership. So now you are both owners of the property and if something were to happen to you moving forward, then you wouldn't have to go through the entire probate system to be able to have that person be able to move forward with the property and sell it at some point. And then the third is to add the, or is to have a second mortgage brought onto the property and sell it to your child, and let them be able to move forward with it as if they were going to purchase it as a regular sale. Now, a number of people prefer this option because it's the one that carries the least tax burden, but again, talk to a licensed accountant before making any of these decisions to find out which one's the best for your financial situation. Again, my name is Brendan Bartic, with TheBarticGroup.com, thank you so much for watching.