Problems when including children into co-ownership of the house

Loss of Control: Bringing children into the home means we lose control over this part of the gift. We can only decide what is left. Debt: If children get into legal trouble, creditors can target their ownership stake in the home. Capital Gains Tax: If the home is not the child’s primary, the sale will not deduct a portion of the capital gain. The tax bill can be very high. Increased Property Taxes: With Proposition 19 in California, improperly bringing children into the home can result in increased property taxes each year.
VINH DOAN LAW OFFICE Estate Planning | Taxation | Probate | Business Vinh N. Doan, MSIM, J.D., LL.M. in Taxation 10971 Garden Grove Blvd., Suite G Garden Grove, CA 92843 Cell:(714) 332-9700

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