Posted on: 05th May, 2009 04:27 pm
I have been advised by a solicitor that it would be a good idea to gift my house to my son. He is already in my will as beneficiary to my house. I am not sure about this as I do not want to transfer the title just now as my son is disabled and receives benefits. I am concenred this may affect the benefits he receives. Do you think I should just leave things as they are. I really don't see why I should gift my property just now when he will inherit it anyway.
Hi emgibb!
Welcome to forums!
As you have named your son as the beneficiary of the property, he will have to probate the property first and then transfer it in his name after your death. However, if you gift the property to him, then he will not have to probate the property. As far as losing the disability benefits are concerned, it would be better if you could consult an attorney in this regard. He will be able to give you the correct information.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As you have named your son as the beneficiary of the property, he will have to probate the property first and then transfer it in his name after your death. However, if you gift the property to him, then he will not have to probate the property. As far as losing the disability benefits are concerned, it would be better if you could consult an attorney in this regard. He will be able to give you the correct information.
Feel free to ask if you have further queries.
Sussane
I own a townhome which is occupied by my daughter. I would like to pay off the mortgage on this house and give it to her. Can i do this?
Hi Dan!
Welcome to forums!
You can pay off the mortgage in full and transfer the property to your daughter by using a warranty deed. However, transferring property as a gift will make you liable for gift taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can pay off the mortgage in full and transfer the property to your daughter by using a warranty deed. However, transferring property as a gift will make you liable for gift taxes.
Feel free to ask if you've further queries.
Sussane
can a parent gift a property to more than one child, in this case a vacation home in another state?
Hi marcus,
As far as I know, once you transfer a property to one of your children, then you can't transfer the same property to someone else unless the child has transferred back the property to you.
Thanks
As far as I know, once you transfer a property to one of your children, then you can't transfer the same property to someone else unless the child has transferred back the property to you.
Thanks