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Should You Sell Your House for $1?

Would it ever make sense to sell your house for a few bucks? Jason Gabrieli dives into the world of estate planning, specifically focusing on the ownership of your house. Jason addresses a common misconception about selling your house to your kids for a low price, debunking the idea that it can help avoid taxes. He explains the federal estate tax exemption and the absence of estate tax in New Jersey, shedding light on why most people don’t have to worry about estate taxes. Jason also discusses the concern of protecting your house from the cost of care and the potential downside of transferring ownership. Additionally, he touches on probate avoidance and the ease of estate administration in New Jersey. You will learn the importance of understanding the liability that comes with transferring ownership to your children, potential drawbacks, and considerations.

Tune into this episode to also learn: 

  • What are the potential benefits and drawbacks of selling your house to your children for a reduced price?
  • Why has the concept of selling your house to your kids for a few dollars become a common consideration in estate planning?
  • What are the legal and financial implications to be aware of when considering such a transaction?

What we discussed

[00:01:59] Federal estate tax exemptions are high; no NJ estate tax

[00:04:14] Most won’t face death taxes; considering home protection from care costs

[00:06:15] NJ probate is reasonable; selling home to kids raises liability issues

[00:9:17] Selling a house to kids for $10 can cause significant tax issues

3 Things To Remember 

  1. Many people don’t need to sell their house to their kids for $10 to avoid taxes, thanks to high federal estate tax exemptions and no estate tax in New Jersey.
  2. Giving your house to your children might protect it in some cases, but it can bring big risks like potential legal troubles for your children, affecting your living situation.
  3. In New Jersey, passing on your assets through probate is generally simple and affordable, so selling your house to your kids for $10 to avoid it might not be necessary.

Useful Links

Connect with Jason Gabrieli: [email protected] | LinkedIn

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HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

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