How do I transfer a property to my son but still have access to use it?
Full Question:
Answer:
There are several options depending on what your intend to accomplish by transfer of the property to your son. You could transfer the property to you and your son as joint tenants with rights of survivorship so that you both had equal rights to use the property and he received it at your death. You could retain a life estate where you still owned the property during your life and it went to him at your death. In this case, you would still be the owner. You could use an Enhanced Life Estate Deed (legal in Florida) which states that he receives the property at your death. This type of deed allows you to revoke or change the life estate to your son in the future if you desire. The traditional life estate deed would not be something that could be revoked. You could transfer the property to a trust where both you and your son were beneficiaries and it went to him at your death. If you transfer the property out right with nothing else there would be no rights for you to use the property without his consent. You should also check with your accountant about any tax issues that could arise due to the transfer.