Can I give my house which is paid for to my daughter by getting her on the title by herself? 3 Answers as of November 29, 2016

Can she get owner's policy insurance on it when the change of title takes place will the property be protected from any claims?

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Law Office of Jeffrey T. Reed | Jeffrey T. Reed
You can do that if you really want, but you would be giving up control of the house. I think it might be better to put you and her on title as joint tenants with right of survivorship, that way you retain some control and when you die the home goes to her without any problems. If her name is on title you are also exposing the home to any potential personal liabilities she may have. There are other considerations as well, you should go to an estate planning attorney and tell them all your circumstances to find out the best way to do what you want.
Answer Applies to: California
Replied: 11/29/2016
Patrick W. Currin, Attorney at Law | Patrick Currin
You may deed over the property during your life but that is likely to have adverse tax consequences. A trust might be a better idea.
Answer Applies to: California
Replied: 11/29/2016
Danville Law Group | Scott Jordan
If you record a new deed granting your daughter an equal ownership interest, you are subjecting the property to not only your creditors, but also to her creditors. Also, transferring the property like you describe will require your filing a gift tax return. I do not recommend placing your daughter on title. Instead, why not create a trust, transfer the property to the trust and then name your daughter as beneficiary of the house. It is a much cleaner transfer, avoids any creditor issues and tax transfers and accomplishes the same.
Answer Applies to: California
Replied: 11/28/2016
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