Posted on: 26th Nov, 2011 10:51 pm
My husband and I are disabled and our son has been taking care of us for years and our home. I want to add him via Quick Claim Deed to the home. But I have one concern, he has student loans which he is not able to pay at this time. He has not been able to find a job. My concern is that the government will take our home if we add his name. Or at the very least, that they will take the home from him after we die.
Can they take the house before our death if our names are on the house with his, or will they wait until after our death?
Also, can we hold on to the signed deed and not process it with the county, until later if things resolve. Reason for holding on to the Deed is to keep the government form taking the home if his LOAN is outstanding. Our hope is if he could hold on to the signed Deed, it would allow him to process it later (if possible), in the event that we die before it is processed or once he resolves the loan he could process it than.
The house is paid for, could he live there after our death, as long as the taxes are paid? Until he can resolve the loan. He will be in the Will anyway, with a notation the the house is his due to the time and effort he has taking in its care and caring for us since 2003. But we want the house in his name rather than as part of the Will, because he has earned it. He has worked off the value of it, long ago.
Thank you, Cherrill
Can they take the house before our death if our names are on the house with his, or will they wait until after our death?
Also, can we hold on to the signed deed and not process it with the county, until later if things resolve. Reason for holding on to the Deed is to keep the government form taking the home if his LOAN is outstanding. Our hope is if he could hold on to the signed Deed, it would allow him to process it later (if possible), in the event that we die before it is processed or once he resolves the loan he could process it than.
The house is paid for, could he live there after our death, as long as the taxes are paid? Until he can resolve the loan. He will be in the Will anyway, with a notation the the house is his due to the time and effort he has taking in its care and caring for us since 2003. But we want the house in his name rather than as part of the Will, because he has earned it. He has worked off the value of it, long ago.
Thank you, Cherrill
Hi Cherrill,
I can certainly understand your emotions toward your son and your property. In my opinion, it will be better if you could let his name remain in the will and not sign a quitclaim deed in his favor. If you make him one of the owners of the property, then his creditors will be able to place a lien on the property. Rather than adding his name to property deed now, it will be better if you could help him in paying off his student loans so that he becomes debt free.
Thanks
I can certainly understand your emotions toward your son and your property. In my opinion, it will be better if you could let his name remain in the will and not sign a quitclaim deed in his favor. If you make him one of the owners of the property, then his creditors will be able to place a lien on the property. Rather than adding his name to property deed now, it will be better if you could help him in paying off his student loans so that he becomes debt free.
Thanks