Giving Your Home To Your Children Can Have Tax Consequences
March 9, 2012
Clients sometimes ask about the wisdom of giving their home to their children, usually in order to avoid probate and “simplify” things after the parent’s demise. However, this is not usually the best plan and doing so can often result in unintended tax consequences for the recipient child. This is especially so if the parent’s motivation is driven by a desire to avoid a Medi-Cal recovery claim after the parent’s passing. In most situation, there are usually better options to accomplish the parent’s goals. See the following article which appeared in the Castro Valley Forum and the San Leandro Times, which addresses this question in a Q&A format.
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