Posted by John Merchant on October 02, 2004 at 14:11:47:
Take him a deed and get it signed.
Depending on his plans, he might just want to give you a deed subject to his retaining a life estate in the property…then it’s technically all yours, the instant he dies, and it won’t have to go through probate.
You should have a lawyer do the deed for you so you know it’s done right…definitely not within the capability of most laymen.
transfering ownership - Posted by Ray Postle
Posted by Ray Postle on October 02, 2004 at 11:31:14:
My father is ill and has been advised to put me on his deed, what is the best way to do this?
Re: transfering ownership - Posted by Natalie Smith
Posted by Natalie Smith on October 09, 2004 at 13:49:43:
I’m not an attorney or a CPA, but my understanding is that it’s more beneficial to inherit property than to take title prior to someone’s death. This could have an adverse tax impact down the road. I would seek competant tax advice before doing this.