Doug Marks Law

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Clients often have heard that they can pass their property by simply putting it in their child’s name. That is true in many cases. For example you can put your money in a bank account that gives your child a right of survivorship, which means you don’t have to go through the probate process for that asset. You might also have retirement accounts, life insurance, and other types of accounts that automatically pass ownership to the survivor without going through probate. But each type of asset needs to be reviewed individually to be sure the transfer is effective and that you aren’t creating any tax or other liabilities. Sometimes people also wish to transfer their real estate into their child’s name. Again, that can work in some cases, but there are significant concerns there. For example, what happens if your child is in an accident and gets sued? Or what if he or she gets divorced? Will you be able to stay in the home that you have conveyed to your child?

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