My wife and I drafted our wills with an attorney when our two children were young. We would...Read more
Probably not. If you and your children purchased the new home with the proceeds of the old one with the same ownership, there should be no new transfer of assets. However, if you were to pay more for the new home the additional funds could be considered a new transfer of assets. In addition, if you paid less and your children received the difference, that could also be a transfer. The flow of the funds must reflect exactly your respective ownership interests.
Harry S. Margolis practices elder law, estate, and special needs planning in Boston and Wellesley, Massachusetts. He is the founder of ElderLawAnswers.com and answers consumer questions about estate planning issues here and at AskHarry.info.