I live in Texas, my elderly father wants to put his house in my name. how will this affect our property taxes

Question

My father has fixed income, mounting debt, and failing health. this is his permantent residence, also mine. We currently pay no property tax in our county, due to age and social security benefits. Does his exemption exipre once the title is transferred?

Answer 1

Yes, you can only get the age based property tax exemption if the owner-occupant is 65 or over. Once he drops off title, you will not be entitled to that exemption. You could still get a homestead exemption, but it's not as good.

Why does he want to put the property in your name? To avoid probate should something happen to him?? If that's the case, consider putting the property in a revocable living trust with him as trustee and you as successor trustee.

Answer 2

Unless your father is subject to a senior exemption for taxes, there should be no change unless the property has changed, such as adding rooms or changing lot size. To be certain, you can contact your county's Assessor's office and ask the people who are responsible for your tax billing.

Answer 3

Contact your local Title Company. In California, there is no change in the property taxes if the transfer is between parent and child. It may be different in Texas though.

Answer 4

specific- you have left plenty out. extremely there is not any thank you to furnish us with sufficient suggestions. somebody desires to take a seat with him and with the two one among you. they could desire to go over each and all the workplace work in touch and all your money matters and tax matters and concepts with regard to the destiny. There are huge questions approximately what's nice for you and your loved ones and for him. If he presently owes 29000 plus 92000 on the living house then that totals 121000 and you're saying it somewhat is purely properly worth one hundred twenty,000. If the 29000 is roofed interior the 92000 then there is an fairness- yet not a large one. term existence potential that the coverage coverage won't proceed to be valid invariably- it could desire to expire whilst he's seventy 5 or 80 or in spite of- then he does not have existence coverage of any quantity. families that make this way of determination without fairly qualified advice oftentimes make huge errors that expenses them a lot of money. in case you reside interior the U. S. and this living house and the existence coverage is tremendously plenty all you will inherit then do not undertaking approximately inheritance tax.

Answer 5

Go talk to a financial adviser and a lawyer. There are gift tax implications and Medicaid eligibility issues related to this course of action.

Since you only provided a small amount of info, no one on this message board can give you the best answer that fits your needs.

Good Luck

Answer 6

Pick the house which is better,kick the ol man into a old folks home. rent other home at inflated price and use excess cash from that to pay rotten taxes.

Answer 7

You should check into a reverse mortgage for his house. This will give him income for now and a buyer for his house when he is gone.