Posted on: 14th Jul, 2010 01:29 pm
I WANT TO TAKE MY NAME OFF THE DEED AND PUT MY TWO SON'S NAME ON IT. IN CASE SOMETHING HAPPENS TO ME. I WANT NO MONEY INVOLVED IT IS A GIFT JUST CHANGE NAMES. PLEASE HURRY I NEED TO GET THIS DONE AS SOON AS POSSIBLE.
There are some serious things that you need to take into account BEFORE doing this...
There are other alternatives to simply signing your house over to your sons. There are various trusts and other things. You *really* need to talk to a qualified attorney before making a decision like this. Laws vary widely from state to state and you need someone who is familiar with your specific situation and location to advise you.
One, your sons will incur a tax liability for the "gift".
Two, if you are senior citizen and your sons are not, the property tax situation may change a LOT.
Three, your sons could sell your house, mortgage it, etc.
Four, if anything happened to your sons, the house becomes part of their estate and you could be forced out of your home by their heirs.
There are other alternatives to simply signing your house over to your sons. There are various trusts and other things. You *really* need to talk to a qualified attorney before making a decision like this. Laws vary widely from state to state and you need someone who is familiar with your specific situation and location to advise you.
One, your sons will incur a tax liability for the "gift".
Two, if you are senior citizen and your sons are not, the property tax situation may change a LOT.
Three, your sons could sell your house, mortgage it, etc.
Four, if anything happened to your sons, the house becomes part of their estate and you could be forced out of your home by their heirs.