0
In a simple way you are selling part of the house to the children. This has estate and transfer tax implications. You want to correctly handle any such transfer so you should speak to an attorney as this is NY State. There is a bigger question of why you would desire to transfer the title into multiple names. An estate planning attorney might find that it would be better to put the home into a family trust and then share the ownership or the benefits of ownership through the trust. It provides some clear advantages compared to just having others on the title. Each person's needs will vary and you are best advice to use a legal professional who can look at the full picture, the rules of NY State and they can get advice from a CPA as to the true tax impact if you were to go down specific routes. John Corey
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
What rights to the adult children have when it comes to property purchase by the children but willed to a friend?
That will depend on the names on the property deed or registration. If we are talking about gifts of electronics or other items, there is none. If it is a piece of real property (land or house), the deed will control. If the only name on the deed is that of the deceased, the adult children have no say and the deceased can do what they wish with it.
Consenting deed for the sale deed?
How do you add a name to a deed
What is the process to add an adult child to the title of the property?
In many states you use a quit claim deed. You deed the property from the current owners to the new list of owners. If you have Mom and Dad on the deed and want to add Kid, then you would use a quit claim deed to release owner ship from Mom and Dad and give ownership to Mom, Dad, and Kid.
If husband's name is on a deed he dies he has a surviving wife he has 2 surviving adult children there is no will who inherits the real property?
The wife and kids.
How do you change names on a deed in Virginia?
How do I add my daughter's name to my deed
I wish to add my wife's name to my deed Do I use quitclaim or Bargain Sale deed?
you can use quit claim deed
What kind of deed do I need to add my husband's name to the property?
quit claim deed
How can you add someone to property deed in Indiana?
You can't add property to your deed. If you acquire additional property then it must be transferred by the owner to you by another deed. If you own several parcels of land and want to have them all listed on one deed then you should seek the advice of an attorney who can review your situation and explain your options under the laws of your state. You may be able to consolidate the parcels into a single deed and that deed should be drafted by an attorney.
Trust deed leaves property to 4 adult children and Both parents have now passed away What if one of the four die Where does their share go?
If the deed is silent, the decedent's share passes to the decedent's estate (to the decedent's heirs, if no Will, or beneficiaries, if there is a Will). If the deed is silent, the decedent's share passes to the decedent's estate (to the decedent's heirs, if no Will, or beneficiaries, if there is a Will).
How do you add someone's name to you warranty deed in Texas?
Execute a new warranty deed. Write your name and the name of the person you want to add. Take the warranty to the notary public. Take the notarized deed to the land records.
How do you get property back after fraudulent Quit Claim Deed?
You have not provided enough information as to why the deed is fraudulent. If the deed was not executed by the legal owner of the property then the deed has no effect. If there are other reasons why you think the deed was fraudulent then you can add them on the discussion page. Some fraudulent conveyances must be set aside by a judge.You have not provided enough information as to why the deed is fraudulent. If the deed was not executed by the legal owner of the property then the deed has no effect. If there are other reasons why you think the deed was fraudulent then you can add them on the discussion page. Some fraudulent conveyances must be set aside by a judge.You have not provided enough information as to why the deed is fraudulent. If the deed was not executed by the legal owner of the property then the deed has no effect. If there are other reasons why you think the deed was fraudulent then you can add them on the discussion page. Some fraudulent conveyances must be set aside by a judge.You have not provided enough information as to why the deed is fraudulent. If the deed was not executed by the legal owner of the property then the deed has no effect. If there are other reasons why you think the deed was fraudulent then you can add them on the discussion page. Some fraudulent conveyances must be set aside by a judge.
Does a deed have to be rewritten to add a child's name to the deed to be transferred at death?
Yes. You would need to draft and record a new deed in the land records. If you wish to add an adult child's name to your deed as a joint tenant with the right of survivorship you must consult with an attorney to make certain the deed is properly drafted. Deeds should always be drafted by a professional who can explain the consequences and draft the deed properly. Errors made by non-professionals can be costly to correct if they can be corrected. Adding to that problem is the fact that errors may not be discovered until years later when the grantor has died.Yes. You would need to draft and record a new deed in the land records. If you wish to add an adult child's name to your deed as a joint tenant with the right of survivorship you must consult with an attorney to make certain the deed is properly drafted. Deeds should always be drafted by a professional who can explain the consequences and draft the deed properly. Errors made by non-professionals can be costly to correct if they can be corrected. Adding to that problem is the fact that errors may not be discovered until years later when the grantor has died.Yes. You would need to draft and record a new deed in the land records. If you wish to add an adult child's name to your deed as a joint tenant with the right of survivorship you must consult with an attorney to make certain the deed is properly drafted. Deeds should always be drafted by a professional who can explain the consequences and draft the deed properly. Errors made by non-professionals can be costly to correct if they can be corrected. Adding to that problem is the fact that errors may not be discovered until years later when the grantor has died.Yes. You would need to draft and record a new deed in the land records. If you wish to add an adult child's name to your deed as a joint tenant with the right of survivorship you must consult with an attorney to make certain the deed is properly drafted. Deeds should always be drafted by a professional who can explain the consequences and draft the deed properly. Errors made by non-professionals can be costly to correct if they can be corrected. Adding to that problem is the fact that errors may not be discovered until years later when the grantor has died.
