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OfflineLearyfanS
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Should I be on the deed?
    #25534216 - 10/13/18 10:18 AM (5 years, 5 months ago)

Some people consult with attorneys for major financial issues.  Not me.  I go to The Shroomery.  :grin:  Here's the deal.  I'm the executor of my dad's estate.  When he dies, I become owner of his condo in south Florida.  He always thinks he's going to die soon.  I don't think that's true, but that's a story for another day.  The issue is that he thinks he should put me on the deed before he dies.  He thinks it'll save me some trouble and money. 

What do you guys think?  What are the pros and cons of such a move?  Will it affect me come tax time (positively or negatively)?  Am I exposing myself to issues that he doesn't foresee?  Thank you. 











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OfflineDuncan Rowhl
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Re: Should I be on the deed? [Re: Learyfan] * 1
    #25570814 - 10/27/18 07:24 AM (5 years, 4 months ago)

Quote:

Learyfan said:
The issue is that he thinks he should put me on the deed before he dies.




...as opposed to after he dies?

You should be on the deed now, regardless. :thumbup:

Edited by Duncan Rowhl (10/27/18 07:38 AM)

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OfflineLearyfanS
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Re: Should I be on the deed? [Re: Duncan Rowhl]
    #25570990 - 10/27/18 08:59 AM (5 years, 4 months ago)

Yes, as opposed to after he dies.  I just feel that maybe there's some unforeseen downside to being on the lease now.  But you don't think there is?












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OfflinemndfreezeMDiscordReddit
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Re: Should I be on the deed? [Re: Learyfan] * 1
    #25571521 - 10/27/18 01:14 PM (5 years, 4 months ago)

I vaguely remember reading something about taxes on money/assets that are passed down from parent to child or otherwise willed.  You might want to look into that and see if it applies to you and if its more or less than you would be somehow responsible for if you go on the deed now. 

It was mentioned in some huge article on Trump and his family and how his dad kept making businesses and shell companies to dodge the inheritance tax or some shit.  I'm far from good counsel on these matters though, but that's where I'd look if I were in your shoes.


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OfflineDuncan Rowhl
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Re: Should I be on the deed? [Re: mndfreeze] * 1
    #25571863 - 10/27/18 04:20 PM (5 years, 4 months ago)

Property wise, it is impossible for your father to put you on the deed after he has died, so he should do that now, unless there is any valid reason why he would need to be on it.

Money intended to be handed down, should be placed in a Trust Fund.

That way the IRS will not levy tax since it's considered a gift.

I believe the property can be included in the Trust Fund too.

Take my advice with a pinch of salt since things may differ in your country, but that tends to be the rule of thumb.

Edited by Duncan Rowhl (10/27/18 04:26 PM)

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OfflinegeokillsA
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Re: Should I be on the deed? [Re: Learyfan] * 1
    #25575908 - 10/29/18 08:26 AM (5 years, 4 months ago)

Generally not a good idea.  Adding you to the deed is a gift, and should be reported to the IRS.  Unless the home is worth over $5 million dollars, this "gift" would probably be tax free, but your cost basis on the home would be the amount your father paid, not the present day value.  This is as opposed to inheriting the property after death, which would step up your cost basis to the present day value, thus avoiding some or potentially all of the capital gains tax when you sell, if the property is worth more than what your father paid.

Other considerations include encumbering your father's ability to utilize the asset as your consent would be required in order to use any of the equity in the home (such as taking out a line of credit or selling it outright).
Worse yet, if you find yourself in a situation where creditors obtain a judgement against your assets (if declare bankruptcy, you are sued, haven't paid your own taxes, etc.), the property can have a lein placed upon it or even be sold out from under you.

My advice would be to have your Dad look into trust structures.  Most probably, transferring his assets into the name of a Living Trust that he creates, for which he is Trustee and you are the beneficiary and successor Trustee, would be the best way to ensure that you are able to easily obtain his assets after his death.  This can also be useful if his end of life makes business matters difficult for him to handle, as he can resign as Trustee before he dies and you will have full rights to manage his assets in his stead.

If he wants particular enforceable provisions in the trust, they should be written as such and in that event he may want to contract a third party (such as a lawyer) to act as successor Trustee upon his death.  However, a third party Trustee will probably take 0.5-1.5% of the value of the estate each year as a fee, so it's generally not the best option unless you are incapable of handling it yourself and/or your Dad wants to make sure certain provisions for which you may have a conflict of interest are enforced.


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OfflineLearyfanS
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Re: Should I be on the deed? [Re: geokills]
    #25588872 - 11/03/18 11:23 AM (5 years, 4 months ago)

Thank you all for your answers.  Geo, I've been thinking about yours the most.  Thank you so much.  I had this sneaking suspicion that there has to be some downside to this.  That a lot of people would do this if it were a good idea.  I really hate to spend the money to do it, but I am seriously considering consulting with a lawyer.  I might even print out what you said and show it to them.













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