What is the best way to transfer my house to my son?
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What is the best way to transfer my house to my son?
I would like to put my paid for house into my son’s name. I am 84 years old and not well; poor; no Will.
Asked on March 14, 2011 under Real Estate Law, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I would contact any center for the elderly and ask them about what would be the easiest and the best method tax wise in your state. Many centers have free planning advice given through seminars, etc. You can consider transferring it to him outright and keeping a life estate, adding his name to the deed with "rights of survivorship" or creating a trust. Are there any other assets? How about any liabilities for the estate (in that are there any debts that the estate has to take care of)? You need to consider tax issues as well. It is wise for you to take these steps now so that there are no worries later on. Good luck to you.
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