0
Yes. However, there are tax consequences and legal consequences. You should consult with an attorney with a good reputation who specializes in estate planning who can review your situation, explain the consequences, set out your options and draft the necessary documents to accomplish the transfers.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Would it be a mistake or a good idea for parents to give property to children while the parents are still alive?
It depends on the circumstances. There is no single correct answer to such questions
In Oklahoma mother has four living children but deeded property to only one child that was her intent due to not give other kids her property had doc saying mentally stable but court set aside deed?
What's the question?
What do robins do for living?
fly and give their beloved children food
What happens when deceased mom leaves home to her three children and one lives in the home?
Legally, all three own an equal share in the home. The fact that one lives in the home is legally irrelevant. Before she died, one of the children was living in the mother's home, owned by one person. Now, one of the children is living in a home owned by 3 people. Property owned by multiple people or entities can make things challenging. As equal owners, all three children must unanimously decide to sell the home. In most states and situations, it is insufficient for one or two owners to decide to sell---all three must do that. It is ideal to get the property into one person's name only. This would mean two of the children would have to give up the rights to property (and probably they would want some compensation...to be "bought out"). To the original question, "possession is 9/10 of the law" isn't actually true. Just because one of the children is living in the house does not give that person a greater right to the property than the other two.
What rights does a second husband have to deceased wife property?
If the property is owned by a valid trust it is not part of the decedent's estate. The purpose of the trust was to protect and preserve the property for the children. The second wife has no rights in the property.
Is it legal for a parent to sell property that was willed to his minor children from their grandpa and give the money to the named children?
The parent holds the rights to the property in trust for the child. They can sell the property and place the money into trust. When the child comes of age, or there is need to use the money, it can be put into use for the child's welfare.
After the death of a parent how long do you give the stepparent to come forward to claim property in a different state?
My father passed away while living in Texas with my stepmom, he owns a house in Indiana. His name is the only one listed on the deed. How long do I have to give my stepmom to respond before selling the house?
Regarding Living Wills, who should I give copies of this document to?
If you make a living will your should give copies of it to family members such as your spouse and children. You should also give copies to your doctor and lawyer and keep a copy at home in your medical file.
Can i give my mom temporary custody of my kids while going to jail?
Yes, but the father can file a challenge. Why not give him the children?
Did any us president's wife give birth while living in the white house?
Clinton
Give an example of an investment house?
Any residential property that I've acquired for the purposes of making a profit, not for the purposes of residence/living in such as a dwelling.
Can testator bequeath entire estate to his girlfriend in a will leaving out his wife and children?
No. That is contra bonos mores and against public policy, to give deceased estate to strangers like girlfriend while testator is legally married and has children with his legal wife. His guilty of engaging in extramural affairs. Being married in community of property deceased cannot disinherit his wife and children.
