I'm dying...I need advice how to leave my house to my kids

I live in Las Vegas, Nv
Unless I can get a transplant it is only a matter of time before I'm gone, and I am concerned about my daughters. I want to leave them the house they grew up in, but I want to make sure after I'm gone that the bank will not be able to take it away if they do not qualify for the loan, or if the bills I leave behind are so astronomical they can't pay them. I have life insurance but can not afford much. The house is Homesteaded, I had to take out a second mortage a few years back, with that said, what do I have to do to will them the house without the bank or any other financial entity taking it away from them? Granted they make the mortage payments.

~Desperatley Worried

That is hard to answer in a forum where your details are not known...but there are many options --we normally recommend you have a brief meeting with a reputable financial planner first--then all options including trusts, gifts etc. can be carefully reviewed by you depending on your individual circumstances--options do vary widely depending on the details in this area of planning. It does not cost much.

You can gift it to them but check the tax situation if a lot of equity exists. Consider a trust as well.

But also get some professional help I agree. Too important to risk doing it all alone.

Place your home in a Revocable Trust and make sure your daughter's names are added with yours all as Joint Tenants with Right to Survivorship.

Gifting the property to them is expensive.

Thank You Very much for all of your help. I appreciate the quick responses I will look into all the suggestions, I have heard that gifting the house would be expensive though. Once again thank you.

[aliceflorida]

Fl resident, simular situation, possible option, I had a realtor draw up a "Warranty Deed" change and added my name ,my two childrens name to the deed, Be sure you have it recorded through the court house. I consulted an atty. and was told upon my mothers death last Nov. that all I owed the mortgage co. was a copy of her death certificate,and ofcourse paying for it, I make sure the payments do not fall in default keep up the insurance and taxes on the house. Keep in mind each state may be different. It is my understanding that whoevers name is on the deed is who the property belongs to after all mortgage is paid. As each person passes away whoever the survivors are is who the property belongs to as long as the payments are made. . We didn't. have life insurance. Sorry for your illness and heart ache and for some of the hard decisions you are having to make. Hope things get better for all of you. Will be praying for you'll.