Legal Question in Wills and Trusts in Kentucky
can i sell property to my children and keep control of property untill I die?
Asked on 12/13/10, 1:34 pm
1 Answer from Attorneys
Andrea Welker
Welker Law Office
I assume you mean real property? You can always assign the property to your children, and keep what is called a life estate for yourself, meaning that you have possession of the property for the remainder of your life. You'll want to hire an attorney to prepare such a deed for you and discuss the pros/cons of the arrangement, as well as potential gift and estate tax consequences, if any.
Answered on 1/02/11, 4:39 pm
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