Hello savvy financiers! I have been thinking about gifting some real estate to my daughter who is married with 2 kids. I have a property in Florida (fully paid off) that I currently rent out. It’s not too expensive but I’d like to transfer it to her name and have her get the proceeds from the rent.
She had a rough patch with her husband a couple of years ago but it’s been sorted out. You can never predict the future but as a parent, I’d like to selfishly protect my daughter in case if she does end up getting the divorce. I’d hate for her to share that with her husband who frankly hasn’t had anything to do with that house.
What are my options? I was thinking that maybe I could continue to have the house in my name, cut all the expenses from the rent and give her the money. I could then give her a 1099 so she can file taxes on the income and in my will, leave the property in her name. I know some states do not consider inheritance as joint assets but I really don’t want to leave it to chance. However, I’d really like to avoid that as I’d rather have her decide what she wants to do. She can sell it, remodel it, Airbnb it, whatever she wishes.
I will definitely consult a lawyer before I do any of this but would like to understand what options are out there. Much thanks in advance.
Submitted February 18, 2022 at 10:22PM by curious_mindz https://ift.tt/DPqp8d3
