> best way for mother to transfer home to son ?

best way for mother to transfer home to son ?

Posted at: 2015-05-24 
whats the best way for my mother to transfer her home to her son ? a will is drawn up for the home to go to her son when she passes, her name is the only one on the deed. financially , with capital gains, and numerous ways for this to happen, whats the best way ?

The last I checked with my attorney, it depends on the value of the house (equity), the estate, and how much the son will be receiving in total. There is an amount, used to be about 500,000-600,000 that a person could inherit without paying inheritance tax. If the total you will be receiving is going to exceed this, then the estate could maintain ownership of some of and more slowly pass that value to you...consult an attorney for the best ways to do this.

Quick claim deeds can be done. There is the added issue if it is paid off, so what to do about financing?

If the mother is still alive, then about $10,000 pre year can also be gifted without taxes paid by the son.

The best way is to spend a few hundred dollars consulting with an estate attorney.

Get a lawyer who specializes in real estate and he should be able to set that up.

This is best done as a deed action.