Posted on: 10th Feb, 2010 03:26 am
Hi, in the process of refinancing home. Own property out right without mortgage. Property joint-in-tenant with sister. Bank request husband(not on title) to sign inter spousal transfer deed form. Loan is about 10% of home value.
Question:if husband signs this form and I die, will my interest in home go directly to sister on title of property, bypassing my children? And will my sister be taxed for passing my half of property onto my sons. Or will my sons shoulder the tax burden for inheriting property from their aunt ( which was originally their mother's property).
Question:if husband signs this form and I die, will my interest in home go directly to sister on title of property, bypassing my children? And will my sister be taxed for passing my half of property onto my sons. Or will my sons shoulder the tax burden for inheriting property from their aunt ( which was originally their mother's property).
Get a Living Trust and design it so your heirs receive your portion of the property when you Pass. And do it with an Estate Planning Attorney, to ensure it's done right.