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 fdenning
Joined: 20 Oct 2009
Posts: 1
1.33 Dollars($)
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 Posted: Tue Oct 20, 2009 5:37 pm Post subject: My mother wants to transfer her house to me from out of her |
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| We both live in Georgia. I currently live in the house and have for 20 years. The house is paid for and free and clear of all liens. The house is listed in my mother's living trust but she now wants to transfer ownership of the house to me. She does not want me to buy the house, it would be a gift. Since the house is paid for and free and clear of all liens, should she use a warranty deed or quit claim deed to transfer the property to me? |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Tue Oct 20, 2009 7:37 pm Post subject: |
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First she'd need to remove the house from the Living Trust. Then she'll Quit Claim it to you. An Estate Planning Attorney can help you do it quickly, and it shouldn't cost very much - the paperwork is simple.
If I were you, I've leave her on Title with you, in case you get in an accident and die, prior to her passing. Otherwise she'll have to go through legal processes to get Title back into her name, and that'd be difficult for her to handle if she was grieving for you at the same time. Make Title say something like "Mom or Son". The "or" part is real important. The Attorney will know how to draw it up.
Alternatively, you could get a Living Trust that left her with the house, but she'd still have to go through the legal process if you passed, and it'd take time and money, and you really don't want to put your Mom through that.
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Raymond
www.ReverseMortgageCalculator.org |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Tue Oct 20, 2009 8:35 pm Post subject: |
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Hi fdenning,
I agree with Raymond that she will first have to remove the property from the living trust. Then she can use a warranty deed to transfer the property to you as the property is free and clear of all liens. However, as the property would be a gift to you, You mother would be liable for paying the gift taxes. But there are certain exemptions in case of gift taxes. To know about the exemptions check out the given page:
http://www.mortgagefit.com/gift.html#111114
Thanks |
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