TURNING HOUSE OVER TO CHILDREN? Read this first
4 Benefits:
(1) Avoid nursing home/ Medicaid getting the house if you have to go into nursing home within 3 years.
(2) Gives responsibility/ up keep to children.
(3) Transfers property to avoid probate.
(4) Children responsible for taxes. _________________
4 Problems:
(1) Children/ new owners can kick you out and sell the house.
(2) If children donít pay taxes or sewer charges, town can foreclose. If there is lawsuit against children, lose house or lien. If child dies, who gets the house?
(3) Lose senior citizen and/or veterans benefits, life line, homestead rebate.
(4) If child does not live in house, possible high capital gains tax.
Legal fees and County Clerk costs for attorney to prepare Deed, Affidavit of Title, 1099 substitute tax form, Affidavit of Transfer Tax exemption and filing with County Clerk $300 when Deed is signed in our office.
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