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My grandma wants to give me her house

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    #1

    My grandma wants to give me her house

    What do we need to do?

    My grandma is going to move into my brother's house as she is 94 years old. She wants to put her house in my name before she passes away one day.

    Far as I know they bought the house new, and lived there for 70 years.

    It is mine to live there or update and sell it.

    I talked to a title company and she said they could (i dont remember her exact words) do a simple deed where my grandma and I both fill out some info and they transfer the deed for 250.00

    Then she asked if I wanted title insurance, etc where they'd have to write up a contract and lots of other stuff.

    Any info?

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    #2
    No one can answer without knowing more facts.

    They were probably talking about a quit claim deed, however I personally don’t use them very often.

    Comment

      #3
      Man, talk to a lawyer and CPA. Lots of moving parts here. Gift tax etc. There is some talk about the new administration doing away with the step up in basis for inheritance, but it sure has is nice to have in case of huge appreciation. Basically, if you receive the home via inheritance and it is worth $500K and you later sell it for $550K you only pay tax on the $50K. An attorney may tell you to lease it from her for a nominal amount until transferred at time of death etc.

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        #4
        Originally posted by RR 314 View Post
        Man, talk to a lawyer and CPA. Lots of moving parts here. Gift tax etc. There is some talk about the new administration doing away with the step up in basis for inheritance, but it sure has is nice to have in case of huge appreciation. Basically, if you receive the home via inheritance and it is worth $500K and you later sell it for $550K you only pay tax on the $50K. An attorney may tell you to lease it from her for a nominal amount until transferred at time of death etc.
        This^^^. Be very careful with the timing. If it is a gift, the tax hit will likely be quite large due to the cost basis being so low. If the transfer were to happen as part of an inheritance, that worry goes away. Just make sure she has an up-to-date Will. She could always rent the house out and pay you a management fee from the rental payments.

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          #5
          I'm actually buying it for 10k, she said pay her 400 a month till I hit 10k or till she said or till she feels like its enough. And I know how my grandma is, she'll probably say stop after 6 months.

          Its willed to my aunt and dad but they don't want it or to mess with it. They want me to have it.

          I'd say on a good day itll be worth 60k.

          May call an attorney tomorrow.

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          Comment

            #6
            Do a transfer on death. Seems like she will go for that. Keeps the original cost basis though on a house that cheap it doesn’t really matter much. And no, I’m not judging.

            Comment

              #7
              Originally posted by RR 314 View Post
              Man, talk to a lawyer and CPA. Lots of moving parts here. Gift tax etc. There is some talk about the new administration doing away with the step up in basis for inheritance, but it sure has is nice to have in case of huge appreciation. Basically, if you receive the home via inheritance and it is worth $500K and you later sell it for $550K you only pay tax on the $50K. An attorney may tell you to lease it from her for a nominal amount until transferred at time of death etc.
              Beat me. This is solid advice. I think the new arming will roll back other “tax” items first. Ride this as long as you can.

              Comment

                #8
                Is your grandma ever going to need to live in a nursing home? If the answer is maybe do not put the house in your name. It will be considered an asset transfer and keep her from becoming medicaid eligible. Do a lady bird deed. It will enable the asset to be transferd to yoh upon her death with the house going into probate.

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                  #9
                  Originally posted by JBJTX81 View Post
                  Is your grandma ever going to need to live in a nursing home? If the answer is maybe do not put the house in your name. It will be considered an asset transfer and keep her from becoming medicaid eligible. Do a lady bird deed. It will enable the asset to be transferd to yoh upon her death with the house going into probate.

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                  Without*** going into probate.

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                  Comment

                    #10
                    Listen to RR314. I am not a lawyer nor a CPA, but you do NOT want her to deed it you your before death or you forfeit any stepped up cost basis upon her death. There are a couple of ways to handle this, and you need to seek the advice of a lawyer/CPA to save you some taxes down the road.

                    Comment

                      #11
                      good info given. Green screen never ceases to amaze me in their generous info offered without judgement.

                      Comment

                        #12
                        I would contact a real estate attorney and let them walk you thru it. I don’t want to say that some of the advice given isn’t good, HOWEVER, its kind of like what I use to see, the “jailhouse lawyer” where inmates were telling other inmates what they should be doing about their case and then they get shafted. Let a professional handle it....

                        Is it out there in Jack/Young County?

                        Comment

                          #13
                          Originally posted by DFWPI View Post
                          I would contact a real estate attorney and let them walk you thru it. I don’t want to say that some of the advice given isn’t good, HOWEVER, its kind of like what I use to see, the “jailhouse lawyer” where inmates were telling other inmates what they should be doing about their case and then they get shafted. Let a professional handle it....

                          Is it out there in Jack/Young County?
                          It is in Graham, in town.

                          Thanks for all the replies everyone, its appreciated

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                          Comment

                            #14
                            You do a lady bird (I think) deed and when she passes away it transfers directly to you

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                            Comment

                              #15
                              Don’t do a lady bird deed. They aren’t worth the paper they are written on. Contact a RE attorney. I’m a Broker and Lady Bird deeds are terrible to deal with when you get ready to sell.

                              Comment

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