Quote:
Originally Posted by Joe C.
Instead of waiting for your children to inherit your house when you die, why not put them on the deed (as tenants in the entirety) with yourself as the owners? You should be able to do this with a lawyer, and have the revised deed recorded in the town or county. The developer wouldn't be involved until the children need a Village ID upon your passing.
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For tax purposes, it is usually advised to not include your children on the deed because they will owe capital gains taxes when they sell the house. But, if they inherit the house, the cost basis it "stepped up" to the market value at the time of death. Also, putting their name on the deed can be a problem if the children owe money and someone puts a lien on the house.