Can I leave my house to someone in my will?
Yes, you can leave your home to someone who is not on the mortgage, but you will also need to plan for paying off or refinancing the mortgage when you pass away. As to naming the person who will receive your home when you die, a validly executed Will or Revocable Living Trust would accomplish your objective.
What happens to my house if my husband goes into care?
A: As long as you are living in the marital home no-one will make you sell it and the property value will not be taken into account in determining how much, if anything, your husband must contribute to his care costs. Once assets fall below those figures the Local Authority will contribute towards care home fees.
Do I have to pay taxes on a house my parents gave me?
Under IRS regulations, the person who makes the gift pays the tax. In this case, your parents are responsible for paying any gift taxes. For example, if your parent’s house has a fair market value of $150,000 and they bought it for $50,000, the IRS calculates the gift tax on the net value of $100,000.
When to put your child on the deed to your home?
Many people think it is a good idea to put their child’s name on the deed to their home, especially if one of the parents is deceased. Usually the motivation is to avoid inheritance tax and probate, or to prevent the family home from being sold to pay for nursing home expenses.
Can a parent transfer a deed to a child?
There is nothing parents can do in this instance; both deeds are irrevocable. Additionally, there are potential gift tax issues by giving the property to a child.
Can a mother change her mind and deed the property to another child?
If the mother later changes her mind and deeds the property to another child or to someone else (who had no knowledge of the first deed) and that person records the deed, the second deed holder would most likely be the owner of the property, Konopka said.
Can a surviving spouse add an adult child to the deed?
It’s not unusual for the surviving spouse to assume that, because joint tenancy worked to avoid probate the first time, it will work just as well a second time, for the benefit of the adult child who will inherit the house. Thus, the surviving spouse decides to add an adult child to the deed, as joint tenant.