Legal Question in Real Estate Law in Florida

Re: Add adult children to title of home

Nothing we do has no consequence. You would do it with a warranty deed or a quit claim deed. This is a serious move, with unanticipated (and usually irreversable) consequences - possible loss of homestead exemption and save-our-homes benefit, loss of control, due-on-sale clause in mortgage, etc. DO NOT do this without consultation with a knowledgable attorney. He should also prepare the deed if you go through with this.

Re: Add adult children to title of home

Nothing we do has no consequence. You would do it with a warranty deed or a quit claim deed. This is a serious move, with unanticipated (and usually irreversable) consequences - possible loss of homestead exemption and save-our-homes benefit, loss of control, due-on-sale clause in mortgage, etc. DO NOT do this without consultation with a knowledgable attorney. He should also prepare the deed if you go through with this.

Re: Add adult children to title of home

You can add your children to the title of your home, but there could be gift tax consequences. However, the biggest issue is that your children will lose a stepped up basis in the home upon your death. By being on the title they will inherit your tax basis is the property, which could result in a large amount of unneccessary capital gains taxes.

You should really consult your tax advisor or an attorney versed in this area before making such a large decision. It costs a few dollars, but that price is often far less than the cost of fixing a mistake.