transfering the deed of a house.?

Question

My father wants to transfer the deed to his house to my 2 sisters and me.Is this a good idea?Should I see an Elder care lawer or Real estate lawer?

Answer 1

I have worked in both areas of real estate and trusts. You should see a lawyer that deals in trusts. Transferring it to your names is a good idea but he loses control of the property if he does and you are responsible for the property if there are any problems, like fire or back taxes. Don't take on the burden until you have to. Put it in a revocable Living Trust. This way he still has control, you are not responsible and the property goes directly to you. You will avoid probate. However, you will still have to pay an estate tax for the inheritance. You will not have to pay this if he puts the house in your names now but it is far better to pay an estate tax than being responsible for the property. Keep in mind that if he is going to do this he should do it quickly because if your dad goes into a nursing home they have claim to the house for 3 years after the deed is transfer ed. It may have been changed to 5 years instead of 3.
Also, if any of you are married your spouse would have a right to the property by transferring it to a deed instead of a trust. If you get a divorce you lose part of the asset. If it is in a trust spouses do not have right to it as long as it is separate.

Answer 2

You and he should definitely see a lawyer experienced with elder care issues before transferring a major asset. There are different types of estates that can be created and various state and Federal laws that may be affected, as well as tax consequences and eligibility for medicaid.

Answer 3

This happens a lot. There are very good reasons for doing it. Avoid probate on the property for one.

Answer 4

you are one of the few intelligent people on this site!
Yes, see a probate lawyer about a Living Trust for your dad!
SMART!