How do I add my son to my title only w/out any financial responsibilites?

How do I add my son to my title only w/out any financial responsibilites Asked by TerriC 10 months ago Similar questions: add son title financial responsibilites Business > Financial Services.

Similar questions: add son title financial responsibilites.

Currently I am the sole owner of my house, my son is 19, I would like to add his name to my title w/out him being responsible for the monthly paymentsThank you TerriC 10 months ago .

You do not want to add your son to the title unless you absolutely have to. There are a number of reasons.1. If you son should be involved in an accident, and is sued, the house could be attached as part of the suit.

This could also happen the other way around. Or if your son was involved in an accident and had to be hospitalized, if the bill is large, the house may become part of his property that might have to be sold to cover the bill.2. If for some reason, you can't make the payments, the responsibility would fall to your son.3.

Adding his name is considered a gift. While there would be no gift tax, (current limit is $5,000,000) you still have to file form 709 to report the value over $13,000. You are allowed to give $13,000 per person per year without having to file a gift tax form.4.

If you are adding you son to the deed because you want to leave the house to him, leave the house to him in your will instead.5. Be careful, the if adding your son is some kind of reward or thank you, the IRS may consider it income and he will have to pay tax on the value of his share. I usually advise my clients not to do this.

huddlestonlawoffices.com/2009/08/should-... com/2009/08/should-we-put-our-child-on-the-title-of-our-house.

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Did you know that the House Financial Services Committee is voting on the Credit Cardholders Bill of Rights.

I am thinking of securing the services of a fee-only financial planner. What should I expect to pay?

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