I live In Fl if I buy a house outright in Georgia ..in my name or one of my kids?

Question

can they take that house?If my house in Fl is foreclosed on?

Answer 1

They can take the Florida house if you don't make the payments.  If you refinanced that house, they would have the legal right to go after you for any missing money.  That judgement could easily cross state lines.  So when the Georgia house is sold, the judgement gets paid.  

But putting real estate in your kids names means you have to fill out an IRS form that says you gave more than the max of $12,000 per child ....all in one year.  If you fill out the form, it's ok to do that.  

The newspaper had an article about someone who bought the Georgia house with cash in his kid's name.  The kids went out and borrowed $250,000 cash on it.  Now they can't make the payments and the money is all gone. Not exactly what Dad had in mind. /