Agent

Don’t quitclaim real estate title to your children

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BOB: I am a widow, 81, whose primary asset is my home. I have two adult children to whom I would like to leave this home where they grew up. However, as I come from a family of "long-livers," I am concerned I might outlive my assets as living expenses constantly increase. Also, my house will soon need repairs, which I am not sure how to pay for. My two children suggest I deed my house to them now and they will pay for the maintenance, taxes and insurance. Do you think this is a good idea? --Irene R. DEAR IRENE: No. If you quitclaim your house to your adult children now, that could prove detrimental to both you and them. Purchase Bob Bruss reports online. For example, suppose you later decide it's time for you to move to an assisted-living center where you will enjoy excellent care and three meals a day with no work. If you already gave away your home, where will you find the money to pay for your care? Another consideration is if you gift your home to your two adult children now,...