If my parents are getting older ad they want to place their home into my name in case anything should happen, what is the best option?
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If my parents are getting older ad they want to place their home into my name in case anything should happen, what is the best option?
To just transfer the house into my name or are there other and better ways of doing this?
Asked on June 27, 2012 under Real Estate Law, Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I suggest that your parents consult with an attorney that practices estate planning before they tranfer the entirety of their home in your name. The reason is that by doing so, such could trigger tax ramifications under federal and state gift tax laws.
One possibility is to have the hpuse appraised and title to it in increments of percentages equal to $13,000 per year per parent be deeded to you over time. By doing this, there would be no tax ramifications under Internal Revenue Service guidelines.
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