real estate


Question by  gymadel (23)

How can I give my house to my son?


Answer by  withsmluck (793)

You can draw up a will that will leave the house to your son. Or you can put the house in his name now, with you having a 'life estate' in the house. This allows you to live in the house until your death. You can, also, change the deed now to include both your name and his name.


Answer by  flamiss22 (5081)

Make sure you get a good attorney so all the paperwork is correct and there is no room for error. Do not attempt this yourself


Answer by  tamarawilhite (17883)

Sell it to him for the amount owed against it or at a reduced basis that you offset with the gift tax. If you simply give it to him, you risk gift tax. And if you simply give the house away and then need Medicare, you risk appearing to decrease assets during the "look back" period.


Answer by  epglaw (553)

In order to transfer title from yourself to your son, all you need to do is to prepare a new deed which conveys your interest in the house to your son. The deed must then be recorded at the County Clerk's office which is responsible for recording land records.

Reply by breyes63 (1):
how would this work out when there is a balance still on the mortgage? I would still be helping out with the outstanding balance but would like my son to have the house that I would leave him anyways in his name, now?  add a comment

Answer by  Devin98 (487)

You can do this in one of two ways. You can either Quit Claim Deed it over to him immediately or you can purchase title insurance and close through a title agency. The title insurance would protect your son against liens or other issues that may come up on the future.

You have 50 words left!