Posted on: 26th Jan, 2008 03:39 pm
my mom and i are both on a deed as joint tenanats. she quit claim deed half the house to me in 2002. i would like to now quit claim deed my half to my two children. i have a daughter who is 19 and a son who is 13.
what would be the problems with this and what are the ramifications of deeding to my son.
the house is paid off. we live in california. whatever options are availbale, i want to make sure my son is protected. thanks
what would be the problems with this and what are the ramifications of deeding to my son.
the house is paid off. we live in california. whatever options are availbale, i want to make sure my son is protected. thanks
Hi Kastro,
Welcome to the forums.
I don't see any problems as far as quitclaiming your property is concerned. However, you may have to pay gift tax for the quitclaim transfer. Please check out for the gift tax exemptions .
Since the house is paid for, there's no need to worry as far as protecting your son's interest in the property is concerned.
Take Care
Welcome to the forums.
I don't see any problems as far as quitclaiming your property is concerned. However, you may have to pay gift tax for the quitclaim transfer. Please check out for the gift tax exemptions .
Since the house is paid for, there's no need to worry as far as protecting your son's interest in the property is concerned.
Take Care
Hi Lcastro,
Welcome to the forum.
I agree with Sara that there should not be any problem to quitclaim to your children. Don't forget to notarized and record the deed to make it a valid one. You will have to sign the deed as a grantor.
See, generally the grantee records the deed but I don't think your children can do it. So you will have to do it for them.
Regarding gift tax, generally gift tax exemption per year for on individual is $12K. So I would like know the appraised value of your property?
Feel free to ask if you have any further questions.
Best of Luck.
Larry
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Welcome to the forum.
I agree with Sara that there should not be any problem to quitclaim to your children. Don't forget to notarized and record the deed to make it a valid one. You will have to sign the deed as a grantor.
See, generally the grantee records the deed but I don't think your children can do it. So you will have to do it for them.
Regarding gift tax, generally gift tax exemption per year for on individual is $12K. So I would like know the appraised value of your property?
Feel free to ask if you have any further questions.
Best of Luck.
Larry
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