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The most secure way to insure that the property is protected from any creditor attachment is to have an attorney or title company draw up a warranty deed making the adult children as Joint Tenants With Rights To Survivorship rather than deeding the property solely to an adult child/children. To deed the property directly to the child/children could subject it to taxation depending upon the circumstances. When property is titled JTRS it passes directly to the other tenants and is not subject to probate action nor can it be attached for debts belonging to the deceased. The lender's investment is secure regardless of how the property is titled. Mortgages are secured debts secured by the collateral property via a Deed of Trust. * However, as you say there is a mortgage, you probably cannot change the ownership title in any way without the permission of the mortgage company. * this q has a discussion
Well, you can just give them the deed in exchange for free rent for life, but it could eventually cost you in estate taxes.
You could also grant the deed to the children with a reserved life estate for yourselves, but it would still be assessed as a taxable gift based upon the present value of the house with a future interest, whatever an appraise says that is.
Some parents grant a portion of the property interest yearly, so that each year does not exceed the statutory exemption for annual gifts. So, if there are two owners and two children, there would be four exemptions each year.
Say the annual exemption is $10,000 and the home (with or without a life estate) is worth $160,000. It would take four years to give the entire amount tax-free.
Each annual deed would grant "an undivided twenty-five (25) percent interest" in the described property, and after four years, the undivided interests add up to 100 percent.
There are other estate and tax planning techniques that may work better for your particular circumstances, so it would be best to contact a local tax professional.
The deed has to be prepared and signed, and thereafter recorded in the deed records of the county in which the house is located. There are issues involved, such as possible loss of homestead exemption, possible gift taxes, possible fraudulent conveyance, possible loss of the stepped up basis as of the parents' deaths, and more.
You would convey the property to your children reserving a life estate for yourself in the deed. The children would become the legal owners of the property but it would be subject to your life estate: your right to the use and possession of the property for the duration of your natural life. You should seek the advice of an attorney before making such a transfer to discuss your options and the legal consequences for all parties.
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Can you transfer your house deed to your 8-year-old child?
No.
Can a Parent transfer their deed into adult child's name?
Yes, as long as they are not doing so to avoid judgments by creditors, foreclosure, judgment award for liability and so forth.
Transfer deed to son when home is paid?
Many people have questions about the legal effects of transferring their residential real estate to an adult child there can be some benefits to doing this,its important to understand the potential disadvantages.There are basically three ways of putting a child's name on real estate (1) An outright gift (2) A deed reserving a life estate (3) A outright gift is irrevocable if a parent transfers real estate outright the parent loses control over the property and can't live there a second way to transfer property is for the parent to deed it to children put retain the right to live there for the parents life time.
If a deed to a house is put into a child's name and the parent dies is the house part of the parents estate?
There are a number of factors involved. Did the child buy it from the parent? Is it by right of survivorship? How long ago did the transfer take place? You will need to consult a probate attorney in your jurisdiction.
How do you transfer the deed of a deceased parents in Texas to the executor of the estate?
The executor now controlling the estate has to do the transfer but if they had an executor, there is probably also a will, attorney, and a beneficiary (ies)
Is a will the same as a sale deed?
No a will is not a deed. However, a probated will can transfer legal ownership of real property without the need of a deed.No a will is not a deed. However, a probated will can transfer legal ownership of real property without the need of a deed.No a will is not a deed. However, a probated will can transfer legal ownership of real property without the need of a deed.No a will is not a deed. However, a probated will can transfer legal ownership of real property without the need of a deed.
What is the responsibility of the remaindermen of a property with deed transfer with retained life estate when the parent wants to move so the sale occurs before death?
All the parties must sign the deed as grantors: the parents and the remaindermen.
Can a child pay off the mortgage to their parents home and then take over ownership our mother would like to turn over the property to us?
Yes. Your mother must transfer ownership to you by a deed. She should consult an attorney who can review her situation and explain her options. She may decide to retain a life estate and the deed should be drafted by the attorney.Yes. Your mother must transfer ownership to you by a deed. She should consult an attorney who can review her situation and explain her options. She may decide to retain a life estate and the deed should be drafted by the attorney.Yes. Your mother must transfer ownership to you by a deed. She should consult an attorney who can review her situation and explain her options. She may decide to retain a life estate and the deed should be drafted by the attorney.Yes. Your mother must transfer ownership to you by a deed. She should consult an attorney who can review her situation and explain her options. She may decide to retain a life estate and the deed should be drafted by the attorney.
Can a child under 18 who inherited interest in real estate from a grandparent in NJ sign the deed to transfer?
No, they are not of legal age. Their guardian must do it.
Is an adult child of a deceased parent responsible for foreclosure debts?
Not unless they were listed on the deed of the property that was foreclosed. The estate is responsible for settling the debts.
Can I have Sample of A Deed of Transfer of a Company?
yes
What is Inter-spousal Grant Deed?
An inter-spousal grant deed is a document that legally transfers property from one spouse to the other to. There are many ways to accomplish a property transfer, but two of the most common ways to transfer property in a divorce are through an inter spousal transfer deed or quit claim deed.
