Florida Elder Law Blog - A blog by Elder Law Associates, South Florida's premier elder law attorneys, who handle elder law, medicaid planning, guardianships and much, much more.
Many of our Florida elder law clients have come to us with a request: "I should transfer my home to my children to get it out of my name."
This is not true. The many problems to this approach include creating unnecessary gift and capital gains taxes and losing the legal right to live in your home.
Fortunately, there are better ways to transfer your home to your children that avoid these pitfalls. Other techniques, such as the execution of a revocable trust to hold your homestead property, or the execution of a deed with an enhanced life estate, are more sensible approaches.
As always, it pays to consult with a reputable, respected
Florida elder law attorney before making any drastic financial decisions.
--Howard Krooks, JD, CELA
