Posted on: 19th Jan, 2011 06:37 am
I recently remarried and I want to deed my home over to my son (he is 29). I want to protect my paid off property from my new husband's children, family etc. (he is not on the deed) in case any emergency of any kind or my death. My question to you is, what is the down side for him? And will my property then be protected?
Hi Kwest!
Welcome to forums!
If your property is free and clear, you can sign a warranty deed and transfer your property to your son. If it's a gift transfer, then you will be liable for paying gift taxes. After the property transfer is complete, your son will be responsible for the maintenance and property taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your property is free and clear, you can sign a warranty deed and transfer your property to your son. If it's a gift transfer, then you will be liable for paying gift taxes. After the property transfer is complete, your son will be responsible for the maintenance and property taxes.
Feel free to ask if you've further queries.
Sussane