My mother wants to gift her property to my husband and I for several reasons. First, she is 74 and no longer wishes to own a home. Two, my other sibling has many, many issues and is banned from the home and family. I was told this was easy to do with a Quit Claim Deed. Is this all we need to own her home or are there any future consequences?
2007-01-16 09:17:09 · 7 answers · asked by Tanya 2 in Politics & Government ➔ Law & Ethics
How do I obtain a life estate on the property?
2007-01-16 09:52:47 · update #1
There may be tax consequences involved. Also, I'd do a warranty deed with a consideration of love and affection instead of a quit claim deed. A quit claim deed simply says the person deeds all interest they MAY own in the said property. A warranty is less easily challenged. You should consult an attorney or a tax advisor (or both!) to check out the tax consequences and to limit any claims your sibling may make.
2007-01-16 09:43:40 · answer #1 · answered by st_mel 2 · 0⤊ 0⤋
You may also wish to consider transferring ownership of the property and granting your mother a life estate, which means she legally has the right to live in the home for the rest of her life. Upon her death, you would own the home free and clear without having to pass through probate court. That is what my mother did for me, and she is also 74 now.
If you go the life estate route, your mother can transfer ownership of the home directly to you & your husband without being obligated to give any part of it to your siblings, and you would have full ownership in the event of her death.
I am sharing this little tidbit of what I know from experience, but the best thing for you to do is consult an estate planning attorney in your area...the laws may vary from state to state.
2007-01-16 09:34:28 · answer #2 · answered by kathytfan 2 · 0⤊ 0⤋
The Quite claim process is as simple as it appears, if there are no lienholders... if she owns the property outright she has the right to quit claim the property to ANY legitimate person or persons. I most states the real estate transfer tax is usually waived where the transfer is between family members. Check with your county treasurer or auditor for the specific requirements...
2007-01-16 09:36:19 · answer #3 · answered by Gunny T 6 · 0⤊ 0⤋
you may want to speak to a tax advisor. there maybe taxes that you be avoided by putting the property into a trust in your names but only a good cpa or attorney can answer those questions for you.
2007-01-16 09:21:32 · answer #4 · answered by Know what you mean 1 · 0⤊ 0⤋
First if the papers are sighned by him he nolonger has a leg to face on fairly if it says present had to have aclosing for this no? its type of late for him to assert this now once you've been paying the taxes in this so referred to as resources how might want to he no longer have universal?
2016-11-24 21:47:27 · answer #5 · answered by hutt 4 · 0⤊ 0⤋
General Council or Tax Attorney could adice you there. CPA wouldnt hurt.
2007-01-16 09:29:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Gifts of large amounts can fall under taxes. You should talk to a tax person or a financial person.
2007-01-16 09:26:38 · answer #7 · answered by Take it from Toby 7 · 0⤊ 0⤋