Never Put Your Kids Names On Anything #assetprotectionplanning #estateplanning

8 Jun 2023 · 1 min

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In this brief advisory, Jerry Taylor cautions homeowners and account holders against adding their children’s names to property deeds, bank accounts, or other assets. While many do this to sidestep probate, limit liability, or protect assets from Medicaid recovery, Taylor explains that doing so exposes the parent’s wealth to the child’s potential financial troubles—bankruptcy, lawsuits, creditors, or divorce. He also highlights a specific tax pitfall: when a child is placed on a real‑estate deed, the child may face substantial capital‑gains tax upon selling the property. The video concludes with a call‑to‑action, urging viewers to visit his profile and join his newsletter for more asset‑protection guidance.

Chapters

Never put your kids' names on anything. Home deeds, bank accounts, whatever. I know what you're doing. You're trying to avoid probate. You're trying to avoid liability. You're trying to avoid Medicaid. But kids can get into trouble. And when they're on your accounts and deeds with you, then guess what? You own that trouble just as much as they do. Bankruptcies, lawsuits, creditors, divorce. I know, I know, you've got great kids. I'm sure they are. But even great kids can get into problems. Don't make them your own. And when it comes to real estate, if you just add them to your deed, when they try to sell that house, they'll likely be subject to capital gains tax, and a lot of it. Now go to my profile link and join my newsletter.