Posted on: 06th Apr, 2008 11:29 pm
My dad has told me he wants to quick claim his house/property to me. It is completely paid for, no debt. But I am concerned as to how this will affect my husband and I pesonally. Such as for tax filing purposes, since we own a home of our own? Another concern of mine is that my dad will still be living there, and I want to be sure that if an unfortunate situation occurred that no one would be able to take the property from me and my dad be out of a home? Help.
Hi Amanda,
Welcome to the forum.
As the property is free from liens you should have much of problem to take over the property. I shall suggest you to use a lady bird deed as you father will still living on that property even after transferring the property to you. If he uses the lady bird deed then he will have the ownership until his death and the ownership will be transferred to you after his death to you.
To know more about Lady Bird deed, have a look at http://www.mortgagefit.com/know-how/ladybirddeed.html#lifeestate
Hope it helps.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
As the property is free from liens you should have much of problem to take over the property. I shall suggest you to use a lady bird deed as you father will still living on that property even after transferring the property to you. If he uses the lady bird deed then he will have the ownership until his death and the ownership will be transferred to you after his death to you.
To know more about Lady Bird deed, have a look at http://www.mortgagefit.com/know-how/ladybirddeed.html#lifeestate
Hope it helps.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome Amanda,
Even I agree with Larry that Lady Bird deed is a good option for your father here. He will have the ownership and can even sale it to anyone.
You can even avoid probate through Ladybird deed.
Let me know if you have any more questions.
Even I agree with Larry that Lady Bird deed is a good option for your father here. He will have the ownership and can even sale it to anyone.
You can even avoid probate through Ladybird deed.
Let me know if you have any more questions.
my dad has a lady bird deed that he listed me as grantee however he is 90 years old and my siblings have had another attorney draw up an other ladybird deed and are trying to get him to sign it. In october he was diagonised with cancer. Will this second ladybird deed stand up in the court of law considering the situation.
Welcome Mary.
I think your son has to convince your dad to reverse back the first deed, that is, cancel it and then get a new deed drafted. But why is he drafting another deed? does he want to be the grantee in your place?
Thanks.
I think your son has to convince your dad to reverse back the first deed, that is, cancel it and then get a new deed drafted. But why is he drafting another deed? does he want to be the grantee in your place?
Thanks.