If my parents are trying to transfer atheir paid off home to my name, is there anything that could affect me and any factors I should consider before doing so?
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If my parents are trying to transfer atheir paid off home to my name, is there anything that could affect me and any factors I should consider before doing so?
Asked on November 3, 2012 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I suggest you and your parents consult with a real estate attorney as to the best way to try and structure the transfer of your parents' ownership on the home they own free and clear to you over time in percentages equal to $13,500 of each parent so as to avoid any gift tax issues.
Your concern is that you do not have any creditors demanding money from you or having a large judgment against you.
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