Posted on: 19th Mar, 2010 12:49 am
I presently own my home in NC. It is my primary residence.
My girlfriend lives with me.
I am interested in providing protection for her and her child in case I were to die. But, I desire to remain in my home and keep my name only on the deed until death. I then wish to transfer the ownership to her. But, as we are not married, I do wish to protect my property rights in case we decide to split up down the road.
What would be my best coarse of action to provide her protection if she wanted to finance some remodeling and to make sure the property remains mine until my death without giving up my rights to the property until I die?
I suppose I could do it by way of a will but is there a better option with less tax consequences for her after my death?
I'm trying to determine what would suit both of our wishes for protection without actually giving up my property rights before death but also protect her monetary claims on remodeling cost to the property in case we split up.
What are my best options with the least tax consequences for interested party and for property right protections for me?
My girlfriend lives with me.
I am interested in providing protection for her and her child in case I were to die. But, I desire to remain in my home and keep my name only on the deed until death. I then wish to transfer the ownership to her. But, as we are not married, I do wish to protect my property rights in case we decide to split up down the road.
What would be my best coarse of action to provide her protection if she wanted to finance some remodeling and to make sure the property remains mine until my death without giving up my rights to the property until I die?
I suppose I could do it by way of a will but is there a better option with less tax consequences for her after my death?
I'm trying to determine what would suit both of our wishes for protection without actually giving up my property rights before death but also protect her monetary claims on remodeling cost to the property in case we split up.
What are my best options with the least tax consequences for interested party and for property right protections for me?
Hi sircruz,
As you want your girlfriend to own the property after your death, I feel drafting the will would be a good option. You can declare her as the beneficiary while drafting the will. In case, you and your girlfriend split, you can discard this will and draft a new one.
As you want your girlfriend to own the property after your death, I feel drafting the will would be a good option. You can declare her as the beneficiary while drafting the will. In case, you and your girlfriend split, you can discard this will and draft a new one.