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DKS
Damn Kidney Stones

join:2001-03-22
Owen Sound, ON

DKS to 18189353

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Re: Deed Question

said by 18189353:

Again talking about in the US. Not even sure why Canada is being added with the OP in the US.

Because the concepts under discussion are similar. And they vary from state to state. Saying it's US centric is silly. Estate and property law is more state-centric.
18189353 (banned)
join:2014-10-28

18189353 (banned)

Member

said by DKS:

said by 18189353:

Again talking about in the US. Not even sure why Canada is being added with the OP in the US.

Because the concepts under discussion are similar. And they vary from state to state. Saying it's US centric is silly. Estate and property law is more state-centric.

Let's clarify stuff then. The value at which probate is required is state-centric but probate is in all 50 states plus DC. Like a coin you are trying to speak heads and I'm speaking tails but it's the same coin.
Mr Matt
join:2008-01-29
Eustis, FL

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said by MineCoast:

I am my mom's only child, and my mom and grandmother want the house to be passed down to me.

As stated by others it is important to have a qualified lawyer set up a revocable living trust and a will for your grandmother. In Florida your grandmother would be named Trustee, your mother as successor trustee and you as an alternate or second successor trustee. Under Florida law the terms and conditions of the trust are confidential. In order to prevent any efforts to contest the trust make sure you mention the names of potential beneficiaries to the estate you wish to exclude. Make sure the attorney list those excluded in the language required by your state. Some states require the potential beneficiaries to receive a small bequest like $10.00. Since you are an only child this issue is less critical.
modelamac7
join:2002-04-13
Waterford, MI

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A will is still needed, but as Msradell suggests, if the house is included in the will, it MAY be subject to Probate.

We had my widowed MIL add her 5 daughters to the deed. When she died several years later, her death certificate was recorded and the daughters sold the house a year or so after that Smooth as silk, and made dealing with the Will a piece of cake. I was the executor.

IowaCowboy
Lost in the Supermarket
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join:2010-10-16
Springfield, MA

1 edit

IowaCowboy

Premium Member

I've seen a lot of estate planning done with elders I know (not grandma as she is being stubborn about estate planning, she thought she didn't need a lawyer over her husband's estate matters until my mother, my aunt, and myself put pressure on her to do so) will pre-plan their estates by transferring the assets to their heirs while they're relatively young (like late 60's early 70's) such as transfer the house for $1 and transfer the bank accounts, investment accounts, etc.

That way they're eligible on paper for Medicaid when they are in poor health and in need of skilled nursing care (nursing home) and the assets go to the heirs instead of the state.

I myself would rather let the state pay for grandma's nursing home than dispose of the assets should the need arise. Grandma paid taxes all these years.

You just have to time things right (look back period).

Also the pre death asset transfer avoids probate. Say if grandma titled her house in my name to avoid probate or plan for Medicaid, all I would have to do when the time comes is either move my stuff in if I want to live in it or sell it.
rody_44
Premium Member
join:2004-02-20
Quakertown, PA

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My step dad had a will heiring nothing to his kids and us clearly spelled out as benificiaries. In the end it didnt matter. They still ended up with shares. Will doesnt mean jack shit if the value is there in the will. Really comes down to you give a share up or it gets taken as legal fees to the lawyers. His was a 450,000 dollar estate.

hortnut
Huh?
join:2005-09-25
PDX Metro

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I am right in the middle of working on an Estate. I am an Executor in the State of Washington, Community Property. The Elder Law Attorney I hired filed the appropriate documents with the Courts and we have to wait for a predetermined time before the Estate can be Closed. The earliest would be the filing of Taxes, sometime after Jan 30, 2015 or when all of the 1099's and other Tax Documents are in my hands. It is not a large Estate. I know that a 1041 needs to be filed and if there are other documents, I will leave that for the CPA. I forgot what he said when I did this years in October 2014.

There is only me and my Sister and we are in agreement and have a plan as to how we are proceeding. Therefore I have been given great latitude as to what I can and must do and what I must have filed with the Courts. Which is not a lot. Of course I document and document everything. The Life Insurance and Annuities passed outside of the Estate and Probate. Before Dad passed we put my name on the Vehicles and Bank Accounts. That kept those Accounts out of Probate. Those will be closed and sold soon and the monies deposited to the Estate Account. Once I had the EIN and the Court Documents, appointing me Executor/Personal Representative along with my Job Description, I opened up a Checking Account for the Estate.

The largest issue is changing the Titles on the main Home and the Home my Sister lives in which my Folks bought for her and kept Title in their names, in the mid 80's and she pays $1.00 per year rent. The Titles can be changed, I believe, 4 months after filing the paperwork with the Courts. As I said above, closing the Estate is another thing. Other than Taxes, Federal only in WA, the next thing I need to do is sell a small amount of stock and have those funds transferred into the Estates' Bank Account.

There is a Will and I did look into other ways to Title the Property, but it was cheaper keeping things as they were. I interviewed 3 Elder Law Attorney's before going with the one I have now. So I had 3 sets of eyeballs look over the Wills and other Legal Documents for free.

Every State is different. Every set of survivors that might be entitled to a portion of the Estate are different.

So as others have said, talk with Attorney's that practice mainly in the area you are dealing with and my recommendation is go with an Elder Law Attorney. One never knows when things my go awry with health issues. Also speak with a CPA regarding Tax consequences on the State and Federal levels.

I am giving a little back story, to show you how the Laws match up in my State to compare to yours. I suggest doing everything now, but with eyes wide open. Good luck!

MineCoast
Premium Member
join:2004-10-06
Pensacola, FL

MineCoast

Premium Member

Thanks for all the insight and suggestions, it has been very helpful. My mom and I had a discussion based on what I have learned so far and we are going to be making an appointment with a lawyer after the first of the year to discuss our options in the event something were to ever happen so that all parties are protected.

My mom hasn't worked in some years now (so I support her) and has been living with my grandparents and has been helping out/taking care of my grandparents and my daughter (due to my work schedule and such instead of daycare) and shortly after my grandfather passed away, my grandmother asked me to move in which I agree'd to. My grandmother wouldn't be going into a nursing home or anything of that nature. Her drivers licence was revoked sometime ago so my mom takes her places, pays bills, etc for her. They both are/were very scared of doctors in general and if it wasn't for that fear, my grandfather would probably still be alive to this day as he simply refused to go to the doctor. We even had EMS at the house begging him to go, but refused. He just wanted to go at home I suppose and was ready to go.

A bit off topic, but a bit of back history never hurt anyone

Boooost
@151.190.40.x

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said by 18189353:

said by Boooost :

Most estates in New Jersey are settled without courts or lawyers. The important thing is to have a will. (Without a will, it gets complicated, e.g., all the surviving children have to agree who is going to be executor, and the executor has to post a bond for the full value of the estate.) The executor liquidates the assets and distributes them to the beneficiaries. If it's going to children/grandchildren/spouse/parents/grandparents, there are no taxes due.

You have probate no matter what.

Yes, in the sense that you go to the Surrogate's office, give them the will, pay around $100, and 10 days later you get the Surrogate's certificate in the mail. Then you can liquidate the assets.

But in the majority of cases, there's no need for lawyers and no court proceedings involved.

IowaCowboy
Lost in the Supermarket
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join:2010-10-16
Springfield, MA

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I know what you're going through right now, grandma has to execute the estate of her husband and it's confusing at her age. I'm trying to help her the best I can but I've never executed an estate before.

We're letting the attorney handle it.
18189353 (banned)
join:2014-10-28

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said by Boooost :

said by 18189353:

said by Boooost :

Most estates in New Jersey are settled without courts or lawyers. The important thing is to have a will. (Without a will, it gets complicated, e.g., all the surviving children have to agree who is going to be executor, and the executor has to post a bond for the full value of the estate.) The executor liquidates the assets and distributes them to the beneficiaries. If it's going to children/grandchildren/spouse/parents/grandparents, there are no taxes due.

You have probate no matter what.

Yes, in the sense that you go to the Surrogate's office, give them the will, pay around $100, and 10 days later you get the Surrogate's certificate in the mail. Then you can liquidate the assets.

But in the majority of cases, there's no need for lawyers and no court proceedings involved.

It's not that simple but you got the first few steps right. Congrats!
»nj.gov/counties/mercer/o ··· lls.html
linus5171
join:2004-02-10

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It may vary from state to state but in Missouri you can have a beneficiary deed that will transfer the ownership of the property to to the person named as the beneficiary. There no wills, no probate, no lawyers and you get the stepped up value for capital gains. I have my house set up this way and it is very secure and unless someone can prove that the owner was incompetent at the time it cannot be overturned. Never put someones name on the property unless you want to inherit their debts. If you put son on the deed and he gets a divorce then his ex-wife can force the sale of the house to get her share. If son has big debts then debt collectors can also go after the house.

hortnut
Huh?
join:2005-09-25
PDX Metro

hortnut

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You have brought up some good points if something goes south, if not done properly.

There are also TOD's. Transfer on Death. In some states one can even do a TOD Deed. And a lot of other assets.
Transfer-on-Death Deeds for Real Estate

In some states, you can prepare a deed now but have it take effect only at your death. These transfer-on-death deeds must be prepared, signed, notarized and recorded (filed in the county land records office) just like a regular deed. But unlike a regular deed, you can revoke a transfer-on-death deed. The deed must expressly state that it does not take effect until death.

States that allow TOD deeds are , Arizona, Arkansas, Colorado, District of Columbia, Hawaii, Illinois, Indiana, Kansas, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Virginia, Washington, Wisconsin, and Wyoming.
More here --
»www.nolo.com/legal-encyc ··· 544.html

IowaCowboy
Lost in the Supermarket
Premium Member
join:2010-10-16
Springfield, MA

IowaCowboy

Premium Member

Too bad Maine doesn't allow transfer on death deeds.