How do you add your adult children to your deed?

In a simple way you are selling part of the house to the children. This has estate and transfer tax implications. You want to correctly handle any such transfer so you should speak to an attorney as this is NY State.

There is a bigger question of why you would desire to transfer the title into multiple names. An estate planning attorney might find that it would be better to put the home into a family trust and then share the ownership or the benefits of ownership through the trust. It provides some clear advantages compared to just having others on the title.

Each person's needs will vary and you are best advice to use a legal professional who can look at the full picture, the rules of NY State and they can get advice from a CPA as to the true tax impact if you were to go down specific routes.

John Corey

First answer by JohnCorey. Last edit by JohnCorey. Contributor trust: 30 [recommend contributor]. Question popularity: 1 [recommend question]