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Warranty Deed for Parents to Child with Reservation of Life Estate Rhode Island Form

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Warranty Deed for Parents to Child with Reservation of Life Estate Rhode Island Form

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transferring ownership of property from a parent to a child sounds like a great estate plan and a great way to avoid probate but today we're going to talk about the reasons why that might not be such a good idea reasons we get for people wanting to put property in their kids names are usually one of these four reasons the first one is to avoid probate second nursing home protection third to save on taxes and fourth to a certain extent to avoid liability or avoid getting sued and losing all of their assets before they can give them to their kids this is usually a bad idea because it exposes you to liability once you transfer those assets to your children and they do something that well probably is not such a good idea and the second reason it deprives your child of certain tax advantages that they could be entitled to if you just waited for that transfer to happen after you pass away let's look at each of these and why they are usually a bad idea first is avoiding probat

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