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Additional Details
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Simba | My parents want to sign over their home to my brother and I. What do we need to do and will there be problems |
Parents are both 65, the home is paid for, they will continue to pay the property taxes and insurance. They want to do this in case they are put in a nursing home. |
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Check with an estate plan attorney. Property taxes will increase because they are now getting a discount because of their age. But there are other issues that an attorney can explain to you. |
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gcason
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Call an attorney immediately. In most states, it's better for your parents to will the house to you rather sign it over. It can make a HUGE tax difference. |
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Tom S
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Your parents should put the property in to a Living Trust, and assign a conservator to take charge of their affairs should they become incapable. In doing so, it will minimize taxes, legal costs, stress and heartache for all. You may consider consulting an attorney that specializes in estate law, or there are D.I.Y. trust kits. In any case, don't confuse a trust with a "will", or "living will". While a "will" can effect the transfer of property, it does not protect the estate from taxes, or probate, and a "living will" has nothing to do with property, a living will is a document that states a persons life choice in the event they become incapable of communicating either physically, or mentally whether or not they wish to live or die if on life support. |
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Mrs A
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You will need to go to a lawyer and have everything legally set up, otherwise probate court will take it all away after their deaths. |
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Real Estate Guy
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THIS IS A DUMB idea. Especially for the reasons given.
Your parents are losing ALL control on the house. The kids will have total contract and ownership. DO NOT DO THIS> |
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John H
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call your tax person! not a H&R block person either, call someone in your area called an Enrolled Agent pay them the hourly rate and hear what they have to say, ask them about a living will and dont do anything until you have talked to them trust me, they are the TAX gods of the the tax world, and trust me it will be a tax issue if you dont handle it right. |
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DeeDee
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Each state allows a parent to "gift" their child(ren) each year a specific value, without an income tax implication. For example, $l6,000.00 per year per child. Check this out with a knowledgeable person/attorney.
In my State, if parents are put in a nursing home and no longer have real estate as an asset, the State will check the County records back three years for transfers of assets. If there are those type of transfers within the 3 year period, then the State will not pick up the tab, because they know that the transfer of real property was made to avoid nursing home bills.
The other answers about house insurance and property tax problems are correct too. |
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loanmasterone
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I understand why they would want to do this transfer.
You should check with an estate planner there might be a better way of doing this and achieving the same objective.
A consultation with an estate planner should be free for the first appointment. Also at that time you should ask the estate planner what cost would be involved for their services, if you decide to use them.
After seeing an estate planner you can make an intelligent decision as to if you want to do this transfer or not.
Before doing this transfer you might want to check with your tax consultant to find out any tax consequences that might affect the trnsfer.
If you still want to do this transfer, look in the telephone book and locate a title company. Call them, tell them you have a family transfer that you would like to make from parents to children.
While they are on the telephone ask the cost for their service, It should not be a lot perhaps less than $50.00 or so.
They will set up an appointment for you and your parents to come in and sign all the necessary paper work to accomplish the transfer. They will have a notary on staff that will take care of the notary requirements.
The title company will also make sure that the deeds and other necessary documents are recorded at the county recorders office in the county where the property is located.
Going through a title company will perhaps save a few potential legal problems down the road.
Make sure the title company send you and your brother a copy of all the deeds and other documents you were required to sign.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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chatsplas
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Well if it happens within 3-5 years of the occurrence, the transfer can be undone. So you're saying they want to transfer the property to you and your brother and make the state pay for their care rather than paying for it themselves with their own assets????
They need to sign a QuitClaim Deed to you and your brother and it needs to be recorded. It may be exempt from transfer tax. You and your brother will likely have some gift tax liability as they are only permitted to give each of you $10-12,000 annually.
They should have Health Care Power of Attorney and Living Will forms executed. Very Important. |
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Liz
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You want to double check in an attorney in your state to verify the best way to do it so you don't have to worry about estate taxes or want not. If they do put it in you name they have to chance the homeowners insurance to your names, they can still pay it but it can't be in their names if they do not own the home. Same thing with the taxes.. the tax department will automatically put your names on the tax bill but they don't care who pays it as long as it gets paid. What you want to do seems fine but I would double check with an attorney so you know the exact legality of what your doing and how it may effect you. |
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charlene
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make sure you have some papers drawn up stating that each of you are in 50/50 and if any upkeep is to be done it must be in total agreement.I had some friends who had a "family "house and the brother totally made the house unliveable knocking down walls without his sisters approval or knowledge, and with no paperwork showing she was part owner there was nothing she could do. Good Luck. |
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Georgia
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learn to share you obviously are stuck up and don't know how many people live on the street you have a free home offered and your spending 5 points asking this question when you should be going with your brother and parents to sign an agreement to take the house. |
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Ms Smatropus
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honey, you need to take dat home so you aint livin on da street like me. |
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boxerslife
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Kill brother and all will be good. |
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Harriet Tubman
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Dookey all up on yo' leg and smooth that leg out!
Den do a African spell to make you pleaseant at this moment in time! |
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