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catonsville · Sep 3, 2016, 12:50 PM

Can I place my two children (adults) on the deed to a second home I own outright?
Can I also remove my name from the deed? Would this be considered a sell?

ScottGem · Sep 3, 2016, 01:19 PM

Whenever title changes it is considered a transfer of ownership. If you place your children on the deed and remove yours, you are giving them a gift.

catonsville · Sep 3, 2016, 01:42 PM

Originally Posted by ScottGem

Whenever title changes it is considered a transfer of ownership. If you place your children on the deed and remove yours, you are giving them a gift.

That sounds like a bad idea for them tax wise and me too. They will get it eventually unless it is sold before my contract with the realtor ends. Was giving it a thought to form a Limited Corporation with the 2 being my partners. Guess that is
not a good way to go. Real reason for my asking I am up in age and the wife is gone and it is no fun to go there alone, so I was thinking of someway to let them have it to rent it weekly or monthly. I don't have the interest or desire to mess with
it.

joypulv · Sep 3, 2016, 02:02 PM

Don't Change That Deed Until You Read This! | ElderLawAnswers

That applies to PA, but it covers some of the problems you will face.
Some of this depends on why you want to do this. E.g., feeling that you want to have no or few assets including a home if you need to go into a nursing home within 5 years as required by law

You should look into a revokable trust instead, perhaps.