Craig's Corner - Wealth Planning Insights

Thursday, July 31, 2014

Leaving Your Home to Your Children: Good or Bad Idea?

Estate planning often forces us to grapple with tough issues.  If you are a parent of adult children and own a home, one issue you must deal with is whether you should leave your home to your children.  When making this decision, there are a lot of things to think about, even if you only have one child.

Where are your children geographically?

Do your children live close to the home or are they spread out all over the globe?  You should consider whether your children would want to move into the home or would be able to manage renters.  Would they be able to maintain the home from where they live?  Would they want to?  If not, it might not be a great idea to leave them the house.

How is the relationship between your children?

If you have more than one child you must consider whether they get along.  Can they work together?  If their relationship is strained, will leaving the house to them make the situation worse?  If this is the case, it might be better to instruct that the house is sold so that it is not a source of tension for your children.

If one child would likely prefer to keep the house and the other would prefer a lump sum, it could cause a disagreement between them.  Many families suffer from devastating effects after arguing over inheritances and you should do your best to avoid this.

What do your children do for a living and are they financially troubled?

You want to consider your children’s professions for a number of reasons.  How stable is their profession?  Would they be able to keep and maintain the house or would they prefer a lump sum?  Also, your child’s profession could cause them to be more susceptible to lawsuits and judgments.  If your children are financially troubled, your home could end up in the hands of creditors. You must contemplate whether this is a valid concern and plan for it.

Every family is different.  That is why you should discuss all of the above concerns with your children before making your decision.  You should then discuss all of your options with a qualified attorney.  Call Las Vegas, Nevada estate planning attorney Craig Stone at (877)905-0890 for a consultation today.

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S. Craig Stone II of Stone Law Offices, Ltd. serves clients throughout Clark County, Southern NV, Las Vegas, Henderson, Boulder City, North Las Vegas, Summerlin, Carson City, Reno, Washoe County, and Nye County. Also serving clients with asset protection nationwide.

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