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This just in, I successfully convinced my dad to go look at houses on Saturday. Then I convinced him to put in an offer on one, and they took it within 24hrs. So in a matter of a week, I've accomplished what I could not in 18 months. He makes settlement on the 27th so the next 2 weeks are going to be even more nuts for me. That's bad for my mafia participation, but good in general. And I'll take any good news I can get lately.
Now the questions is (and I'd like some input on this) do I put my name on the deed? If I do and he lives at least 2 more years (however unlikely), I will avoid inheritance tax on the property. The catch is that I also put myself at risk financially for any expenses the property incurs. That means that any property & school taxes, utilities, etc. he fails to pay will become my responsibility and a blemish on my credit. Thoughts? Should I do this?
Last edited by sstralkowski; 01/16/2012 at 13:32..
This just in, I successfully convinced my dad to go look at houses on Saturday. Then I convinced him to put in and offer on one, and they took it within 24hrs. So in a matter of a week, I've accomplished what I could not in 18 months. He makes settlement on the 27th so the next 2 weeks are going to be even more nuts for me. That's bad for my mafia participation, but good in general. And I'll take any good news I can get lately.
Now the questions is (and I'd like some input on this) do I put my name on the deed? If I do and he lives at least 2 more years (however unlikely), I will avoid inheritance tax on the property. The catch is that I also put myself at risk financially for any expenses the property incurs. That means that any property & school taxes, utilities, etc. he fails to pay will become my responsibility and a blemish on my credit. Thoughts? Should I do this?
First: this is general advice, and does not create a legal attorney client relationship. If your situation is more complex, you should consult a local attorney that is familiar with the laws in your region.
My thought is yes. Generally speaking, when you sign your name on the deed of a house, you create a "joint tenancy with a right of survivorship", meaning that the house automatically passes to you upon the death of the other owner. (no need for a deed or probate court). Inheritance tax could still be incurred against you, but it usually takes a LOT of money to be in someone's estate to incur any tax what-so-ever (but if you are out of the US, then all bets are off).
Furthermore, with your name on the deed you will have the right to enter the property at any time. This can be useful, especially if your father is sick.
Stan, with all the bad luck you have had recently I think you should avoid any and all risks that you can.
This is what I was thinking. There's so much room for me to get hosed here that the possibility of a small benefit is nearly eclipsed. I just wanted to make sure I'm not overlookign anything or making an emotional decision.
Quote : Originally Posted by gfishfunk
First: this is general advice, and does not create a legal attorney client relationship. If your situation is more complex, you should consult a local attorney that is familiar with the laws in your region.
My thought is yes. Generally speaking, when you sign your name on the deed of a house, you create a "joint tenancy with a right of survivorship", meaning that the house automatically passes to you upon the death of the other owner. (no need for a deed or probate court). Inheritance tax could still be incurred against you, but it usually takes a LOT of money to be in someone's estate to incur any tax what-so-ever (but if you are out of the US, then all bets are off).
Furthermore, with your name on the deed you will have the right to enter the property at any time. This can be useful, especially if your father is sick.
So am I right that any expense he incurs that is attached to the property would in fact be my responsibility if he were to enter delinquency? He's done this a million times in the past so I feel it's a giant risk if I am responsible. My credit rating is decent right now and I don't want him ruining that.
As for me getting into the house, I can't imagine a scenario where he'd not allow me access. Plus I'm his power of attourney of that makes a difference.
So am I right that any expense he incurs that is attached to the property would in fact be my responsibility if he were to enter delinquency? He's done this a million times in the past so I feel it's a giant risk if I am responsible. My credit rating is decent right now and I don't want him ruining that.
*To my knowledge* the only thing that you would be on the hook for is the mortgage and other fees/taxes associated with property ownership, not property management, which include things like utilities, lawn care, and house care. Laws vary by state, so there is no way for me to be certain even if you were to tell me the state/region in which you live.
This is a very general framework, however. It may be wise to consult a real estate attorney in your region. It may cost around $500 for a one to two hour consultation or memorandum detailing the legal relationship and possible consequences. Considering the value of a house, it would be well worth the investment.
Quote : Originally Posted by sstralkowski
As for me getting into the house, I can't imagine a scenario where he'd not allow me access. Plus I'm his power of attourney of that makes a difference.
That does make a difference. You should be able to access the house regardless because of this, unless he revokes his power of attorney.