Legal Question in Real Estate Law in California
Can i purchase a house and put the title/deed under my son's name, he is 13.
1 Answer from Attorneys
Sure you CAN, but you will be creating present tax consequences and potential future tax, title and legal problems of epic proportions. If you are doing it to hide assets from liability or creditors, you will also almost certainly be engaging in a fraudulent conveyance which will get you and your son sued together and get you exposed to paying the other side's attorneys' fees. Even with an adult child, making a gift of real property while you are alive is 99.99% of the time one of the most legally and financially foolish things a person can possibly do. The tax problems alone make it a hugely bad idea. Is it illegal? No. Is it one of the worst things you can do without breaking the law? DEFINITELY. If by unlikely chance you are actually one of the tiny portion of the 1%-ers who might actually have a positive outcome from transferring major assets to your children while alive via a UGTM Act transfer, then you shouldn't be asking about it on LawGuru. Go talk to the law firm that you already must have on retainer.