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Reply #12: Oh that is easy then. You do what is called a beneficiary deed. [View All]

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GumboYaYa Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-14-05 04:09 PM
Response to Reply #7
12. Oh that is easy then. You do what is called a beneficiary deed.
Edited on Tue Jun-14-05 04:10 PM by GumboYaYa
Most states allow that. Check with your recorder of deeds.

A beneficiary deed causes the property to pass to the named beneficiary on death and avoids all of the issues I discussed.
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  -Could my mother sell me her house for a dollar? How hard/easy is it? tjdee  Jun-14-05 03:42 PM   #0 
  - Talk to an Attorney  Coyote_Bandit   Jun-14-05 03:50 PM   #1 
  - I know she didn't think of the tax ramifications, LOL.  tjdee   Jun-14-05 04:04 PM   #8 
     - YOU don't pay gift taxes...SHE pays them  amazona   Jun-14-05 04:43 PM   #21 
  - You might try the title company in your area.  dubyaD40web   Jun-14-05 03:50 PM   #2 
  - That's a good idea.  tjdee   Jun-14-05 04:06 PM   #9 
  - There are lots of questions to be answered.  GumboYaYa   Jun-14-05 03:50 PM   #3 
  - Yes, of course.  tjdee   Jun-14-05 04:02 PM   #7 
     - Oh that is easy then. You do what is called a beneficiary deed.  GumboYaYa   Jun-14-05 04:09 PM   #12 
        - Oh thank you!  tjdee   Jun-14-05 04:12 PM   #15 
        - You should still see a lawyer  Coyote_Bandit   Jun-14-05 04:22 PM   #18 
           - Indeed.  tjdee   Jun-14-05 04:26 PM   #19 
        - The husband will have to sign the deed as well, I believe  flvegan   Jun-14-05 05:00 PM   #26 
  - I don't know,  Shell Beau   Jun-14-05 03:55 PM   #4 
  - Yeah, right?  tjdee   Jun-14-05 04:07 PM   #10 
  - Talk to an attorney.  caty   Jun-14-05 03:57 PM   #5 
  - Yup.  tjdee   Jun-14-05 04:09 PM   #13 
  - Captial Gains?  aeolian   Jun-14-05 04:01 PM   #6 
  - Yes, seems you're right.  tjdee   Jun-14-05 04:08 PM   #11 
  - Unless you use the proceeds to buy another house  AllegroRondo   Jun-14-05 04:16 PM   #16 
  - I think it's a matter of her signing a quit claims deed  notadmblnd   Jun-14-05 04:11 PM   #14 
  - Did you get stuck with all the capital gains taxes?  tjdee   Jun-14-05 04:17 PM   #17 
     - No, I still have the house  notadmblnd   Jun-14-05 04:45 PM   #22 
  - get an attorney but she can't die for 3 years!  amazona   Jun-14-05 04:39 PM   #20 
  - I know that in MO we used to be able to sell each other  xmas74   Jun-14-05 04:46 PM   #23 
  - Seek legal advice  smitty   Jun-14-05 04:51 PM   #24 
  - $10 and other lawful consideration.  flvegan   Jun-14-05 04:58 PM   #25 

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