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You want to quit claim deed property held in a living trust to your son for love and affection no money Will he be responsible to the IRS for inheritance tax?
He will be required to pay tax on a fair market value if it is a gift. Another option might be to "sell" it to him for a significant amount below market value and carry back a note. The note might not have any payment schedule, or you could even state that you have received regular payments. There are always options, so it would be best to talk to either a tax attorney or a good tax accountant who regularly deals with living trusts and other such mechanisms.
What else can I help you with?
Can you receive a partial inheritance before death of parent?
No. You have no rights in a parent's property while they are living. An inheritance comes from the property a decedent owns at the time of death. Death makes that property 'inheritable'. There is no such thing as an inheritance from a living person.
What are the next of kin rights to property?
Next of kin typically have inheritance rights to property of a deceased individual if there is no will in place. The laws governing inheritance vary by jurisdiction, but generally, biological children and spouses are first in line to inherit property. If there are no living next of kin, the property may pass to more distant relatives or to the state.
Can you be on a lease for a property without actually living there?
Yes, you can be on a lease for a property without actually living there. Being on a lease means you are legally responsible for the terms of the lease, regardless of whether you reside at the property.
When is an inheritance turned over to the state?
An inheritance 'escheats' to the state after the probate process has been completed if no living heirs of the decedent can be found. If an heir shows up later and can prove their kinship, they can make a claim for the property.
If your house in british Columbia is in your name and your sons name who does not live in the house will he have to pay any taxes when it's sold after you die?
If he inherits your share of the property, he will be responsible for inheritance taxes, in any province of Canada. I dont think he will pay inheritance tax, because his name is on the house title with mine. He is not living with me, so wondering when he sells my place in the case of my death, will he have to pay Capital Gains Tax, or maybe nothing at all ??
Can a Surrogates Court judge rule to evict a disabled heir?
The executor is responsible for the estate and its assets. They can evict people living on the property.
Who takes over lawn care after you file bankruptcy on your house?
As long as you are living on the property and trying to save the home, you are responsible to maintain the lawn. If the bank takes possession , then a property management company will be brought in to take care of the property.
Who pays the property taxes on heir property when one of the heirs are living at the property?
The decedent's estate must be probated in order for legal ownership to pass to the heirs. The legal owners are responsible for paying the taxes. If one heir is living on the premises they should all make up an agreement in writing as to who will pay the expenses.
Are grandsons are eligible for share of property of grandfather?
Certainly, especially if the grandfather has no living children at the time of his death, or if his will leaves something to the grandson. If there is no will, and there are living children, whether the grandson would get anything depends on the inheritance laws of the locality where the grandfather was a resident at the time of his death.
Do pigeons need other pigeons?
Living creatures need affection.
In the state of Oregon do I have to pay for my deceased step-grandpa's assisted living home past due rent there is no money property or will I did have POA but I was never finacially responsible 4 him?
You are not responsible for any debt from your late step-grandpa.
Does one have to pay inheritance taxes with a living will?
Yes, you need to pay tax on any and all income you receive, including any inheritance gained via a living will. Please consult an accountant if you have any questions about taxes.
