Posted on: 13th Oct, 2010 02:56 pm
My father wants to transfer title of his home (my mother is deceased) to me his daughter and only child before he dies. Will I be taxed on the value of the house? Would it be better to wait to inherit the house via a Will after my father's death? The house is worth about $130,000. My husband and I are in the highest tax bracket.
Hi deluader,
If your father leaves back a will, then you'll have to probate it. Rather, you can ask your father to place the property in a living trust and declare you as the beneficiary of the trust. After your father's death, you'll be able to get the property transferred in your name.
Thanks
If your father leaves back a will, then you'll have to probate it. Rather, you can ask your father to place the property in a living trust and declare you as the beneficiary of the trust. After your father's death, you'll be able to get the property transferred in your name.
Thanks