Tom wants to add his three kids to his home deed for protection, but Jerry explains why that backfires: a child's bankruptcy or divorce could threaten the house, you'd need all their consent to sell, and heirs face capital gains tax after you die.
Well, Jerry, you know, I'm getting on up in age, so I think I'm going to put my kids on all the deeds to my property because you never know what's going to happen. Tom, you ignorant slut! What you call me? That is a terrible idea. Is not? Is so. Give me one good reason why that's a bad idea. I'll give you a whole truckload, Tom. You've got 3 kids. What happens down the road if one of them gets into financial trouble? Maybe the IRS or bankruptcy or creditor, and they come slap a lien on your home and force you to sell it. Well, I hadn't thought about that. Well, here's another. What if one of your kids gets married and then divorced, and their ex-spouse gets a property decree that entitles them to part of your house? Yeah, I could see that happening. Or how about this? What if you decide you want to sell your home? You can't do that unless they agree to it. Holy shit. You can top it all off with this. When they try to sell that home after your death, they're going to have to pay capital gains tax. Gee, I guess I am an ignorant slut. That's right, Tom. And you wouldn't be if you clicked on my picture, click on my link, and sign up for my newsletter.
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