Q: My mother is 89 years old and I am her caregiver. I work but bought a home so that I could meet her aging needs.
Both of our names are on the deed to my house because at the time, it was the best thing to do.
If she passes away, what happens with our home? What can I do to avoid any legal red tape?
A:
You need to consult with a lawyer to examine the deed. If you and your mother own the home as joint tenants with right of survivorship, her interest would pass to you automatically, but it will cost you 4% inheritance tax on her portion. If you own the home as tenants in common, her interest would pass through her estate. If you are the sole child, it would come to you, but be subject to the same inheritance tax. If you are not the sole child, her half would go to you and the other asiblings unless there is a Will which leaves it to you.
If there is no mortage, you should discuss with a lawyer if it makes sense to convey the entire property to you to get her name off the deed. There is a one year look-back period, but, if she lives, you will avoid the inheritance tax. If there is a mortgage, you would likely need to re-finance as part of such a conveyance unless the bank would agree to release her from the mortgage and permit a conveyance to you subject to the mortgage.
You need a lawyer to help you sort this out.
Kathryn Hilbush agrees with this answer
A: Attorney Scoblionko gave you a wealth of information and excellent advice. I urge you to follow it.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
