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<p>Thank you, there is wisdom in this. I do wonder about the wisdom of my idea, I suppose that’s why I am posting it in public for the world to see.</p>
<p>Having said that, just from a philosophical point of view, isn’t all long term planning have an element of …let us say, trying to control the uncontrollable ? For eg. we put money into a financial plan when the kids were 1 year and 2 years old, hoping that would have covered their college costs. That plan, which we still have, would have covered only 1 year’s worth of college. Thank goodness we had a plan “B” in place. Some plans work out, some don’t. </p>
<p>To address one issue brought up - we are not thinking of putting our primary home into the children’s name. This house in question is a part of our assets but not a significant one. If something went wrong terribly, it will hurt us, because of sentimental reasons first and then financial. Both children has excellent relationship with each other, if one child get one house, the other will get another. We have more than one house. We can just put both their names on any house they will inherit but I think joint ownership on an asset like a house makes it more complicated, ie. each kid then has two buy the share off the other. </p>
<p>Having read all the various helpful posts, I think we should put this idea in the back burner for now as our life is in transition. We don’t even know exactly where we will live full time eventually. Eventually maybe we should simplify our assets to made estate planning easier. I think for now, perhaps we should just purchase some additional life insurance to help paid for tax expenses in case something happens to us. </p>
<p>Thank you everyone for sharing your opinions on this.</p>