Before putting a house in someone's name, know the consequences.
Karin Price Mueller | NJMoneyHelp.com for NJ.com
Q. I am 79, retired and selling my home. I will buy a new home within weeks. The purchase price will be $425,000. One of my adult children wants me, immediately on acquisition, to assign the property ownership to the child. I assume the request is to address future tax implications when I pass, which would be willed to heirs. Does this strategy serve any purpose for tax avoidance on any future estate or inheritance tax, or upon the final sale of the property down the road? I have about $1.
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