Give your home to your kids with no taxes

8 Jun 2024 · 0 min

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0:26

In this brief instructional video, the speaker explains how homeowners can transfer their house to their children without incurring taxes or probate. The key advice is to avoid gifting the property while alive, as that triggers tax liabilities. Instead, the speaker recommends establishing a revocable living trust, placing the house into the trust, and naming the children as beneficiaries. Upon the owner's death, the trust distributes the house tax‑free and bypasses probate court, ensuring a smooth, cost‑free transfer to the heirs.

Would you like to know how to give your home to your kids so they don't have to pay any taxes on it? If you would, write this down because here's how you do it. First, here's what not to do. Don't give them the house while you're alive. That creates all kinds of taxes. What you want to do is to create a revocable living trust and leave them the house in the trust. By doing that, when you die, they'll get the house without any taxes and it will not have to go through probate court.