I run a small family business and plan to retire in the next 2-3 years. Recently I have been hearing terrible stories of people, normal hard working people getting sued, leaving them nothing! So I have been thinking of changing the title of my home to my daughter. But I'm afraid there will be tax implications for her... is there a better way to protect my home from creditors?
You could place it into a LLC to protect yourself. There is a lot of info on here about the LLC entity.
Depends on how much equity you have in the home. If your equity in your home is less than the CA Homestead exemption, then you are already protected.
If you want to shelter the home for your daughter, talk to an attorney about setting up a revocable trust.
I would definitely talk to a lawyer. I would assume your business is set up in some sort of entity? That in itself should limit the exposure to your home. If not, I would follow the advice of Ed E. Setting up a revocable trust should protect your home. I do believe that they have to be set up for 5 years before they are completely protected.
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