My husband of 18 years is elderly and in poor health. He owned the house we
My husband of 18 years is elderly and in poor health. He owned the house we
My husband of 18 years is elderly and in poor health. He owned the house we now live in prior to our marriage and my name is not on the deed. The house carries no mortgage or liens. Due to his declining health, he wants to put the deed in the names of my four children. How can we do this the quickest and less expensive way? What would the tax consequences be to my children? If this is all possible, can he specify that I be able to stay in the house after his death and that the children cannot sell the house or use the home for their own financial gain before my death unless it is to provide healthcare for me? We live in Georgia.
6 Answers
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Hi Guest,
He can sign a quitclaim deed and transfer the property to the children in order to make them the owners of the property. As far as the tax consequences are concerned, it will be better if you could contact a tax adviser in this regard. Your husband can include a life estate clause in your name in order to let you live in the property until your death.
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Hey guest,
Another option could be for your husband to put the home on his will to your children. But in order for you to stay in the house, he has to include a life estate clasuse, as adonis previously stated.
Hope i could help!
Pete Kolackovsky
http://www.mortgage-calgary.com
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u can do a living trust with a back up will 2 avoid probate taxs
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u can do a living trust with a back up will 2 avoid probate taxs
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Without a quit claim deed, you can't transfer the property to your children. Go for it and help yourself.
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Willing the property to you and your children is an option. On the other hnad, quit claim deed does not cost you much.