What to do if my mother has purchased a new home and she has asked that I sign the deed with her?

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What to do if my mother has purchased a new home and she has asked that I sign the deed with her?

She has acquired the mortgage herself. Would it be better to have her give the house to us in the will or have my name on the deed. What might be the tax ramification and the expectation from the mortgage company with my name on the deed in the event of her early death?

Asked on December 4, 2013 under Estate Planning, Alabama

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

The best way to do the gifting of the apparent interest in the home that your mother wishes to give you an interest in is to have her gift a percentage each year equal to $13,500 while she reserves a life estate in it. I suggest that she consult with a competent estate planner for this. One can be found on attorneypages.com.


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