Posted on: 04th Nov, 2010 11:22 am
My dad's testator says there there is no need to fund the home into his irrevocable trust in Texas, that the trust itself shows intent.
I don't believe them from what I have read.
My mothers deceased name is still on the house deed along with Dad's name and here estate passed to dad through probate 1n '97.
The house is paid off and 30+yrs old.
I felt that we should do a quitdeed to remove Mom's name (if we really need to do so at this point), and then complete a warranty deed to fund the home into dad's irrevocable trust.
Would there be any tax liabilities to Dad if the home is warranty deeded into his own trust, it is not a "sale" really right?
Please help with any advice.
Is this the right way or is there something better?
Thanks so much!
I don't believe them from what I have read.
My mothers deceased name is still on the house deed along with Dad's name and here estate passed to dad through probate 1n '97.
The house is paid off and 30+yrs old.
I felt that we should do a quitdeed to remove Mom's name (if we really need to do so at this point), and then complete a warranty deed to fund the home into dad's irrevocable trust.
Would there be any tax liabilities to Dad if the home is warranty deeded into his own trust, it is not a "sale" really right?
Please help with any advice.
Is this the right way or is there something better?
Thanks so much!
...since the house deed has not been actually funded into the trust, would there be any advantages or disadvantages to just letting it all ride the way it i and just do a ladybird deed to the trust beneficiary?
Looking into the future....Which way is best to avoid any later and "aid" recovery fees?
Dad probably won't ever need Medicaid because he has Tricare for life and Medicare.
Are we correct in assuming the Medicare has no recovery acts yet?
Looking into the future....Which way is best to avoid any later and "aid" recovery fees?
Dad probably won't ever need Medicaid because he has Tricare for life and Medicare.
Are we correct in assuming the Medicare has no recovery acts yet?
Hi Valjo!
Welcome to forums!
You cannot use a quitclaim deed in order to remove your mother's name from the property deed. You will have to file an affidavit of heirship in order to remove your deceased mother's name from the property deed. Transferring the property into a trust won't result into any tax penalties. You should contact a tax adviser and he will be able to help you in a better manner in this regard.
A ladybird deed will help your father in transferring the property to you. Though he transfers the property to you, he will be able to claim Medicare benefits.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You cannot use a quitclaim deed in order to remove your mother's name from the property deed. You will have to file an affidavit of heirship in order to remove your deceased mother's name from the property deed. Transferring the property into a trust won't result into any tax penalties. You should contact a tax adviser and he will be able to help you in a better manner in this regard.
A ladybird deed will help your father in transferring the property to you. Though he transfers the property to you, he will be able to claim Medicare benefits.
Feel free to ask if you've further queries.
Sussane
You say to complete an affidavit of heirship to remove mom's name from the home title, but I read one for Texas and it states on the top to NOT complete this form if the estate has gone through probate.
My Dad received by Texas law all of mom's property as survivor through probate of her will leaving everything to Dad, he is still alive so how do we now remove Mom's name from the home deed to be able to complete a ladybird deed.
Thanks for your help.
My Dad received by Texas law all of mom's property as survivor through probate of her will leaving everything to Dad, he is still alive so how do we now remove Mom's name from the home deed to be able to complete a ladybird deed.
Thanks for your help.
Hi Valjo!
Welcome to forums!
If there was a will, then you don't need an affidavit of heirship to remove your mother's name from the property deed. After the probate is complete, you'll have to record the deed at the county recorder's office and remove her name from the deed.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If there was a will, then you don't need an affidavit of heirship to remove your mother's name from the property deed. After the probate is complete, you'll have to record the deed at the county recorder's office and remove her name from the deed.
Feel free to ask if you've further queries.
Sussane