Posted on: 11th Aug, 2010 12:28 pm
My mother in law has just filed a quitclaim deed with reservation of a life estate in said property.She has stage 4 colon cancer & only has a couple weeks left. Her intention is to leave the property free & clear to her grandson. What type of tax implications are they looking at? but more importantly can her creditors come after the property after she's deceased? Thank you
Hi!
Welcome to forums!
As the property will not remain in your mother-in-law's name, her creditors won't be able to come after the property once she is deceased. Her grandson would own the property free and clear.
After a property transfer, there can be changes in property taxes. The tax department will assess the property taxes and let the grandson know about it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the property will not remain in your mother-in-law's name, her creditors won't be able to come after the property once she is deceased. Her grandson would own the property free and clear.
After a property transfer, there can be changes in property taxes. The tax department will assess the property taxes and let the grandson know about it.
Feel free to ask if you've further queries.
Sussane
We were told that in the state of Indiana they can go back 2 years on all property transactions. Since this was done immediately preceeding her death would this be considered a fraudulent transfer? She has a lot of credit card debt and medical bills.
As this is Indiana specific, I would suggest you to contact an Indiana based lawyer and take his opinion in this matter. He would be able to let you know whether or not the property transfer would be considered as fraudulent.