Call 661-414-7100 or Text 661-249-9990
Santa Clarita Wills and Living Trusts Attorney (661) 414-7100
  • HOME
  • ABOUT
    • CLIENT REVIEWS
  • GET STARTED
  • RESOURCES
    • BLOG
    • VIDEOS
    • WEBINAR
    • AUDIO
    • PAYMENT
  • CONTACT
    • ZOOM VIDEO
  • HOME
  • ABOUT
    • CLIENT REVIEWS
  • GET STARTED
  • RESOURCES
    • BLOG
    • VIDEOS
    • WEBINAR
    • AUDIO
    • PAYMENT
  • CONTACT
    • ZOOM VIDEO

Law Office of Robert Mansour

Blog
​

Adding Children to Title May Not Be a Good Idea

1/28/2012

 
Adding Your Child to Title, Real Estate or otherwise, May Not Be the Best Idea.  

Some of my older clients think that putting their child on title to their home is a good idea. After all, they want their child to get the house after they die. However, putting kids on title may have unintended tax consequences upon the sale of the home.  For example, if the child wants to sell the home, the child will have to pay capital gains taxes on the home.   That is figured by using the "cost basis" to the home and the amount the house was sold.  For example, if Mom and Dad bought the house for $100,000 and it sells for $800,000, the children will need to pay taxes on the gain of $700,000.  However, if the home was inherited by the children, and sold soon afterwards, there might be no taxes at all!

Also, anytime you add a person to your assets, you have essentially added a "bull's-eye" to that asset. Why subject your asset to the problems of others? 


Comments are closed.

    RSS Feed

Home Page | About | Getting Started | Audio Downloads | Testimonials 
 Blog | Video Library | Disclaimer | Blog RSS | Contact Us

Google Business | Facebook | Twitter | Linked In | YouTube Channel | BrandYourself | Cornell Listing


Santa Clarita Wills and Living Trusts Lawyer, Serving Valencia, Saugus, Castaic, Canyon Country, Newhall, Stevenson Ranch and surrounding communities.

* The information on this website does not create an attorney/client relationship.  It is not legal advice and is presented for general informational purposes only.  Always consult with a professional when handling legal matters.  Your privacy is important to us.  Any information you submit is not shared with others.

Robert also handles Personal Injury Law - Click here to visit our separate personal injury website.

​Law Office of Robert M. Mansour | 28212 Kelly Johnson Pkwy #110, Santa Clarita, CA 91355 | www.MansourLaw.com | (661) 414-7100 
Picture
Picture
For Venmo Payments: @mansourlaw