Jerry Taylor explains why adding your child's name to your home deed is a mistake. It gives them legal ownership, so you can't sell without their consent, and creditors or ex-spouses could come after the house. Use a will or trust instead.
Can everybody hear me in the back? Good. Yeah, because this is important. All right, here we go. Keep your kid's name off your deed. Yes, it's cheap and it's easy, but it also could cost you way more than you know. Here's why. They will own part of your home. You can't sell it without their permission. They can sell their ownership. They can get a loan on their ownership. Your home will be subject to their creditors, their lawsuits, their bankruptcies, their criminal restitution, their ex-spouses. Plus, when you die, if they sell it, they'll pay capital gains tax. Are you convinced yet? If you need more, just follow me.
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