What to do if I am 78 years old and want to put my home in my son’s name?

UPDATED: Mar 27, 2014

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What to do if I am 78 years old and want to put my home in my son’s name?

What would happen (God forbid) if he would die before me, he and his wife divorces or seperate before I die or they both would get killed at the same time. I Will I have lifetime rights?

Asked on March 27, 2014 under Estate Planning, North Carolina


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You can give the home to your son and keep a "life tenancy" in it, which will enable you to live there until the end of your life. Doing so properly can be tricky, and there are also tax consequences (for your son; and possibly you) to consider, so you are advised to consult with both an attorney and a tax professional and allow them to help you.

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