10/13/2026
Parents stop doing Quit Claim Deeds to your adult children by adding them on the deed with you while you are alive so the property automatically passes to them upon your death. Yes this is much more affordable FOR YOU now and will avoid probate, but is the inheritance proceeds from that home actually protected from the government, your kids creditors, Medicaid, your kids spouses and so much more. You will likely have to file a gift tax, tax return and then when your kids ultimately sell the home they most likely will be subject to high capital gains because they lose the step-up basis in value of the home. Your kids will not be happy with you after you're deceased when they get hit with a huge tax bill they were not planning on even if you did leave them with a house. Just pay the extra money and have an attorney properly put your home into the right type of trust for you and your family to avoid all of that! There are so many variables to explore than just avoiding probate. Pay now for a good estate plan that works for everyone, or your family will deal with high taxes or probate or both upon your death. Don't do what's cheap, do what's right to protect your family and assets.
