What Are Disadvantages To Adding a Child’s Name To a Home In Florida?

Adding a child’s name as a joint owner of a home in Florida could negatively impact the homestead status of the home for tax and other purposes. It could also result in a gift to the child, potentially triggering the federal gift tax laws. Moreover, it could pose problems since the child’s creditors could access the child’s interest in the home. Additionally, if the child divorces, their spouse may assert a claim on the jointly held home. Therefore, it is generally unwise to include a child’s name as a joint owner of a home in Florida.