how do I transfer a home I just bought to someone else, say my dad. As a gift?

Question

I bought a home, but I want to have it under my dads name. The home and propery are already paid for in full. what do I do? I bought his dream home as his retirement home. What do I do so that I can have the propery tied to his name.

Answer 1

Have an estate planning atty or realestate atty draw up a deed transferring the property from you to him. Transfer of Ownership on New Jersey deeds reads- The grantor grants and conveys the property described below to the Grantee. The transfer is made for the sum of One Dollar ($1.00). The Grantor acknowledges receipt of this money.
There is a fee for deed prep (unless you can do this yourself - scan it and change the grantor and grantee names and dates) and recording it at your County Clerk's office, or wherever deeds are recorded in your area.

Answer 2

Just quitclaim it to your dad.

It won't be taxable to your father, but YOU may be hit with gift taxes on the transfer. Gift taxes are always paid by the donor, never by the recipient. Consult with a tax advisor for the tax implications on this or to see if there's a way that you can structure the transfer to avoid or at leaset minimize your tax liability.

A better way may be to set up a trust and transfer the deed to the trust. The trust would be set up such that your father would have sole right of occupancy during his lifetime but then revert back to you (or your estate) upon his death. At tax advisor or attorney who specializes in estate planning can help you with this.

Answer 3

You need to go to your local courthouse and execute a "quit claim deed." Something to consider is that the value of the house may be taxable to your father. If, later in life, your father has to go into an assisted care facility, he will have to sell the house to pay for it. Government benefits will not kick in until after he uses the money from the house to pay for the care.

Good luck!

Will D
Enterprise AL
http://www.notagz.com

Answer 4

There can be serious tax consequences for your dad. This is a gift of value and can be fully taxable as income. You had better talk with a tax expert before you do this.

Answer 5

Go to an attorney to have a Title transfer

Answer 6

use a lawyer. its safer..good luck