Fredrick P. Niemann, Esq. of Hanlon, Niemann & Wright, a New Jersey Estate Planning and Asset Protection Planning law firm discusses a frequently asked question by parents and others about whether they should gift their primary residence (home) to their children or to other beneficiaries.
Mr. Niemann explains the benefits and disadvantages of gifting a home but generally suggests that parents and homeowners be very cautious before they transfer ownership of their home to children and/or others. There may be significant income tax, estate or inheritance tax and other unexpected disadvantages by the premature gifting of one’s home.
Mr. Niemann also explains the appropriate circumstances under which gifting a home can be a good decision.
A must watch video for those persons who are interested in the legal services being offered by Hanlon Niemann & Wright.
By Fredrick P. Niemann, Esq., a NJ Estate Planning Attorney