Risks of Transferring Ownership

If you are planning to transfer ownership of your home to your children, there are risks involved and options you can consider. Whether it is for wealth-preservation or tax-avoidance many people decide to transfer ownership but sometimes there are matters they are not considering. For example, if a spouse gets divorced, their ex-spouse could have a claim to your property. We recommend to place your home in a trust containing a “spend thrift provision”. This provision gives the trustee the authority to distribute or not with the trustee obligated to act in your best interest.