Q: My mother would like to transfer her house to me and my wife. Do we need a warranty deed or quit claim deed in Michigan
Are there tax ramifications?
A quit claim and the appropriate transfer and tax affidavits will usually suffice but this is NOT a ‘DIY’ appropriate task. There is much at play and there will also be tax implications and the possibility of a gift tax return being required.
That snd depending on your situation neither form of deed may be the ‘best’ option. Don’t make a mistake that cannot be easily undone — seek the counsel of a local real estate-elder planning attorney to review your case!
— this answer is offered for information only and does not constitute legal advice or create an attorney/client relationship.
I am licensed in Michigan only. Please seek local legal representation.
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