My husband recently passed on and I her to have ownership on my passing.
2007-09-20 22:52:01 · 4 answers · asked by LINDA G 4 in Business & Finance ➔ Renting & Real Estate
Leave it to her in your will. Do not add her to the deed now. There will be significant tax consequences for both of you if you add her to the deed now.
You'd be giving her a gift of equity in your home. That could be taxable to you right now depending upon the value of your home and your lifetime gifting history.
When you add her to the deed now, her basis when you pass will be based upon the value today. If you leave it to her in your will, her basis will be based upon the value on the date of your death. This could have a MAJOR impact on her tax liability when she eventually disposes of the property.
There are several other ways to handle this transfer without tangling up the property in probate and minimizing any tax liabilities for both of you. Consult with an attorney who specializes in estate planning for guidance on this.
2007-09-20 23:13:46 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Hello Linda,
What you want to do is go to your county clerks office and Quit Claim Deed her onto the title of your home. Also, if you have a mortgage on the property check to see if you can transfer that to her as well. This is called an "assumable mortgage." Also, once she's on title for one day, and you'd like to transfer the loan on your house into her name as well, I could help you with that also. I'm a Mortgage Broker out of Rochester, NY and would be more than happy to help. My name is Joe Terek, and I work for Clearway Mortgage LLC. You can contact me directly at 585-410-8086. I hope this info helps!
Sincerely,
Joe T.
2007-09-21 00:37:33 · answer #2 · answered by Mortgage Man 2 · 0⤊ 1⤋
I don't know about New York but here it would be a good thing to own it in joint tenancy. That way if something happened she is on the deed and you don't have to go through all the inheritance stuff. . .but always check with an attorney to be sure what you are doing. . .
2007-09-21 00:21:47 · answer #3 · answered by towanda 7 · 1⤊ 1⤋
Just indicate your wishes in your will.
We all would LIKE to think our children are responsible, but sometimes they have sudden attacks of stupidity, and one of those could cost you your house.
2007-09-21 01:11:29 · answer #4 · answered by I_Hate_Stupidity 2 · 1⤊ 0⤋