05-10-2017, 02:07 PM
I had been thinking of doing the same thing - putting my property in my son's name. The problem I think (I'm not a lawyer) is that it would be considered a gift, and taxable as such. If the property is put exclusively in his name he is receiving a $150,000 "gift." If he is a co-owner, with myself still on the deed, it may or may not be considered a gift. What I've done instead is create a TOD, transfer-on-death, deed with him as owner once I die. No probate, no problems (theoretically). It cost a set fee, about $250 plus $40 filing fee, and the lawyer, Kathleen Kentish Lucero, took care of the filing. Any lawyerly punawebbers please correct or comment...