If my boyfriend wants to will his house to me will I have to pay taxes on it? Does he have to will his other possessions separately?

Your boyfriend should make a will that reflects his intentions of leaving you the house and his possessions. This can be done together or separately. He can also sign over a transfer on death affidavit if he wants the house to transfer to you directly after his death. If he wants you to only have the house for your lifetime, he can make provisions on who gets the house after your death. He should talk to an experienced estate planning attorney to discuss his intentions and the implement his estate planning objectives.

If he passes it to you by Will, you're the owner and you pay the real estate taxes. If he has other assets, he could pass to you a life estate, or give it to you for your life through a trust, and his other assets could pay the taxes.

There are many issues, the increase in real property tax being one of them. Better have a chat with an estate planning lawyer.

Yes, your boyfriend can leave his house to you. If he still owes money on the mortgage you will have to continue paying on that. If the mortgage is paid off you may or may not have to pay estate taxes. The exemption is over $5 Million so the chances of that scenario are probably slim. This could, however cause problems with his family if they are expecting him to leave assets to them. He does not have to leave everything to you, he can name other beneficiaries. As far as the house is concerned, it would be less expensive and perhaps quicker to have him have a lawyer prepare a beneficiary deed which would leave the house to you on his death but allow him to still have full use of the house and the ability to sell it should that become a necessity. The beneficiary deed would not take effect until his death but he would have to record it with the Recorder of Deeds for the county where the property is located.

A Will can deal with both personal belongings and real estate. As for taxes, there are no inheritance taxes in Michigan. There would also be no income tax. You would be responsible for property taxes, once you inherit the property.

In Nevada, he could deed the house to you and him as joint tenants with rights of survivor-ship. The second to die would get the house upon the first person's death. He could handle his other possessions in his will or trust.

Your boyfriend should discuss this with an experienced estate planning attorney and have the attorney set up a complete estate plan for him. Relative to the cost of the house, having proper advice and properly prepared estate planning documents is relatively inexpensive and can save thousands of dollars and much distress for himself and his loved ones in the future. For a single person who owns real property, I believe he should consider and plan for both of the following: (1) What happens to his property if he is incapacitated; and (2) What happens to his property when he dies. A will only deals with what happens with property on death, but it has no control over what happens if when one is incapacitated. For that reason, I would recommend that he consider using a revocable living trust, in which he can name the person he wants to manage things on his death or incapacity (his successor trustee), how his house will be managed during his lifetime and to whom it will go on his death. He can provide that the property go outright to you or that you have the right to reside on the property for your lifetime with a provision to whom it will go on your death. Also, he should consider getting an advance health care directive, which document includes a power of attorney for health care naming a health care agent in the event that he becomes incapacitated to the extent that he can't communicate with his doctor. Without such, if he becomes incapacitated, it may require an expensive court proceeding to appoint a conservator to make medical decisions for him, which may have to be paid for out of his property. Also, the person appointed may not be the one he would have wanted to make decisions for him. It may not even be someone he knows. If your boyfriend wants you to be involved in the management of his property or his health care if incapacitated, it is very unlikely you will be without him setting forth his wishes in the proper documents. Unless he has a very large estate, there will be no estate taxes when he dies. Property taxes will probably go up, but that is the case whenever property changes ownership between unrelated people.

You will not have to pay income tax or estate tax for receiving the home. If there is any estate tax, it should be paid out of your boyfriend's assets before you receive them. However, as a property owner, you will have to pay property taxes, school taxes, etc. on the home every year.

Ideally, a person writes one will that disposes of all their possessions, real and personal, tangible and intangible, or whatever character and wheresoever situate. This is simpler than trying to pass this by will, that by joint ownership, and the other by some other means. The question of whether to use a life estate (allowing you to live there for your lifetime) is partly a matter of his age and yours. If he is older, and might need Medicaid assistance at some point, then the life estate can be a problem. If you are both young, then the life estate might be for so many years that it is functionally very nearly the same as leaving the property to you outright. The question is, who else should benefit from his estate, and what is there to be left to them. For many people, the house is essentially everything. Leaving the house to you might mean essentially disinheriting his kids. Rather than a deeded life estate, I prefer to leave the house in trust using a testamentary trust. This way, he can specify who will pay taxes, insurance, maintenance, can leave some money in trust to help with these, and can specify conditions where you lose the right to live there (e.g., you get married). If you're young, and there's a mortgage, can you afford it? If not, he should buy life insurance to pay the mortgage off. Finally, all of this is just ideas. A good estate plan is worth getting done by a lawyer who knows his or her way around these things. The estate plan often can't be fixed after you go. Get it right the first time.

No tax. His will can cover those too.

To allow someone to live in a property for the remainder of his/her life, the property owner grants a life estate and lists the person who inherits the property afterwards. To transfer the property permanently, the owner bequests it to that person in fee simple. If the house is permanently transferred to you, the estate would pay for everything up to the date of the transfer and then you would be responsible for tases, maintenance, mortagage payments, insurance, etc. Usually someone with a life estate is also responsible for all the bills but the original owner can leave funds to cover some or all of these expenses.

A will passes no interest in the house until he dies. Then, as owner you would be responsible for property taxes. If is doing so by putting you on the deed, and its recorded, you would be responsible for property taxes. He could pass to you either full ownership or a life estate, making you the owner while you are alive. A will states whatever the person wants.

Boyfriend can will you the house and and any and all personal possession including accounts and anything else he desires to pass on to you. No taxes due on transfer to you.

His possessions can go by will, or by law, and there may be other interest parties.