Is there a deed that would allow my father to add me to the title of his house without refinancing and without losing property tax credit?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Is there a deed that would allow my father to add me to the title of his house without refinancing and without losing property tax credit?
My father owns a house in Florida. The balance on his mortgage is approximately $60,000. He is having financial difficulties and I would like to help him out but want to ensure that I would solely inherit his house upon his death and not split it with my brother and with the consent of my father. I am wondering if there is a deed that can be filed to add my name to the title without re-financing the mortgage and without losing the property tax credit my father now gets.
Asked on January 4, 2012 under Real Estate Law, Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The best way to structure what you want to do is to consult with an experienced real estate attorney to assist you and your father. Most likely transfer of property from parent to child may exempt the property from reassesed property taxes.
One possibility is to place the property of your father in a family trust by way of a grant deed. You and your father then enter into a written agreement where you purchase over time a percentage in this property held in the family trust.
The family trust per amendments would then reference your increased ownership in the property that you are writing about as you make payments on it. It all depends upon the best way to structure the transaction from a tax and estate planning perspective.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.