Q:

How can I transfer my house to my child?

A:

Quick Answer

A home can be transferred from parents to children by way of a trust, a sale for a bargain price or a gift. Parents can also transfer their home to their children with a deed and retaining life estate, according to USAA.

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Full Answer

Because there are generally estate taxes that surround transferring a home from parents to children, financial experts agree this isn't the most financially sound decision one could make. If the parents continue living in the home, life estate makes sense, reports Koldin Law Center, P.C. If the children are going to live in the home, the parents could use the bargain price method and utilize seller financing, which means they hold the mortgage, and the children pay their parents' monthly mortgage payments.

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