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Rainmaker
629,651
Ajay Pandya
e-Merge Real Estate - Columbus, OH
Realtor Ajay Pandya

Will?

Mar 06, 2018 09:54 PM
Rainer
279,488
Dipti Thakkar
LAER Realty Partners - Andover, MA
On a team with Praful Thakkar

Ask CPA/Attorney.

Jul 23, 2018 09:48 PM
Rainmaker
634,116
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

You've already gotten some good answers here, Shuchi. I'll add that the parent can put the children on the title. Check the IRS time limit for rules to avoid tax consequences.

Mar 14, 2015 08:31 AM
Rainmaker
48,536
Shuchi Agrawal
Kanam Realty Group/Kanam Commercial - Flower Mound, TX
Serving Dallas / Ft. Worth

Jill Murty and Stephen Foster, thanks very much for your answers.  I'll start with the Title company.  This is for Texas.

Mar 13, 2015 02:36 PM
Rainmaker
379,188
Jill Murty, Realtor - Orange County, CA
Sunset Properties, Powered by Movoto - Laguna Niguel, CA

I'd imagine it's somewhat different in different areas.  I'd ask title and escrow if that's what's used in your area and also consult an attorney.  Contact the Assessor's office, as there may be some kind of parent/child transfer tax benefit available.

Mar 13, 2015 02:15 PM
Rainer
3,400
Stephen Foster
San Antonio, TX

Depending upon the state, the answers would vary wildly.  Options include a revocable trust that the children would become the beneficiary of upon death.  If there is a large amount of money then there are tax implications.  Also, it is possible that transferring before death would have unintended tax consequences.

In any case, we should all have a will.  

Mar 13, 2015 02:04 PM
Ambassador
4,693,257
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I would suggest they talk with an estate attny.

Dec 16, 2019 10:49 PM
Ambassador
4,306,594
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Check with Attorney.

Jul 26, 2018 09:03 PM
Rainmaker
4,798,663
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I would speak to an estate attorney.

Jun 10, 2018 06:38 AM
Rainmaker
3,064,654
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Kathleen nailed this one!

Jul 17, 2017 05:10 AM
Rainer
581,225
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

If you are in a State that uses title companies, just have the title company do a quit claim deed if the title is clean and have them record it.  Costs less than $300

Mar 14, 2015 09:41 PM
Rainmaker
3,645,486
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Shuchi -- as others have commented -- legal and financial questions should be directed to those professionals.   Real estate professionals should not act outside their area of expertise.  

Mar 14, 2015 03:33 PM
Rainmaker
5,815,823
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

The normal way to handle that transfer is by having an updated will with the disposition clearly updated.

Mar 14, 2015 05:15 AM
Ambassador
3,695,516
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Shuchi, they need a good lawyer who does primarily real estate and trust work.  If they give the house to their children before they pass on, there could be disasterous capital gains consequences. 

And I would never personally advise a client on this stuff other than find a great lawyer.  Of course, if I was a great lawyer, I'd give them all of the legal advice they wanted!

Mar 14, 2015 03:46 AM
Rainmaker
573,526
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

Sounds like a legal issue and we are constantly reminded as Realtors to refrain from giving legal advice. Since state laws vary, I believe it's smart to consult a competent real estate attorney if you want to transfer a house to children.

Mar 14, 2015 12:55 AM
Rainmaker
3,462,255
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Personally, I don't believe these kinds of activities should ever be done without appropriate legal counsel crafting the right documents. Too many issues down the line if you don't do it right.

Mar 13, 2015 09:10 PM