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Transferring Mother-in-Law'sHome |
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I am trying to find the best, easiest and cheapest way (I can try, can't i?) to transfer my mother-in-law's house into my name. I have asked several real estate people I know and they were not much help. I want to do everything on the up-and-up, but want to make sure I do it right. We (my wife and I) are supporting her 100% and she will continue to live in her house as long as she wants to (that will be stipulated..my insistence). I am just trying to find out what options are available to get this done. Can you offer any advice on this? Thank You. |
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You should have a lawyer's help, particularly in advice before you do anything. I can't say what is right for you because I don't know enough about your whole situation. But are you aware that when you receive the house as a gift, you also take over your mother-in-law's cost basis for the property? Perhaps that would mean a large capital gain when you eventually sold it, which wouldn't happen if you inherited it. And what if she decides she doesn't want to live there any more? If you sell it, you'll have that taxable gain. If she were the owner and sold, she could use the homeseller's tax exclusion. I'm not saying you shouldn't do it, only that you should discuss the matter with an estate-planning or elder-law lawyer to see what will suit your situation best. There are legal steps you can take to head off some of the tax problems. After that, a lawyer or a title company could handle the details of the transfer for you. |
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Edith
Originally published on July 10, 2007 |
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