What are the effects of signing our house over to children ?

Why would you? How old are they? Do you have a will that does that upon your death?

There can be tax consequences that you may face. It all depends on the value and how your doing it. What may work better is a living will to help avoid tax concequences. You could also ask your accountant what works best for your situation.

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Originally Posted by cdad

There can be tax consequences that you may face. It all depends on the value and how your doing it. What may work better is a living will to help avoid tax concequences. You could also ask your accountant what works best for your situation.

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In many jurisdictions, a "living will" has to do with the circumstances under which the hospital may "pull the plug", and nothing with disposition of property.

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Originally Posted by AK lawyer

In many jurisdictions, a "living will" has to do with the circumstances under which the hospital may "pull the plug", and nothing with disposition of property.

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Meant to say trust. Was reading about wills just before posting.

Will you still be living in the house?
Your ages? Child's (children) age(s)?
Any medicaid funded nursing home costs likely?