Aestar – 3/6 It’s more flaw than merit to transfer title to children!

Aestar LLC supervises the sale transactions, verifies legal documents, and insures real estate titles.

 

Aestar LLC is a different title company. Aestar offers knowledge to protect consumers: buyers and sellers.

 

To avoid probation, many people add their child’s name on the deed to their house. The disadvantages outweigh the advantage of avoiding probate. For example, you lose the control of your house; your child’s heirs or loved ones inherit your house. Additionally,

 

  1. Creditors

For example, a tax lien could be filed against your house if your child has tax problems. You will have to sell your house if your child bankrupts. Another example is if your child is sued for simply a car accident, your house could be attached. This is because you make your child a co-owner of your house. Your house is now exposed to your co-owner’s creditors.

  1. Gift Tax – to continue.

 

Contact me should you have further questions.

 

Jonathan Kan, Licensed Title Producer/Notary Public

Aestar Settlements LLC

15881-B Crabbs Branch Way, Rockville, MD 20855

C: 240-351-6098   F: 888-501-3060 E: contact@aestar-settlements.com

www.aestar-settlements.com

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This column is not legal advice and should not be acted upon without obtaining your own legal counsel.

Copyright©2014-2015 Aestar LLC All Rights Reserved Worldwide

Jonathan D. Kan, ESQ. is admitted to practice before the Court of Appeals of Maryland in 2017. Mr. Kan graduated as a Juris Doctor of University of Baltimore School of Law, Maryland, in 2017, concentrating on criminal, trust and estate, and real estate laws. Mr. Kan has published the Aestar Blog since 2015. He co-founded Aestar LLC in 2013. Mr. Kan has been a licensed title producer, settlement agent, and notary public serving the Maryland and Virginia states since 2013.

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