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Never transfer assets into your kid's name. Here's why. Let's say you bought a house for $300,000 and it depreciates to $500,000. If you put that house in that kid's name, they now become responsible for the tax on the $200,000 of depreciation. Instead, put the house in a living trust so that when you pass away, they inherit the property with no probate and they receive a step-up in cost basis which allows them to receive the home tax-free.