QUESTION
Should I transfer title to my kids now or leave things as is?
Asked on Aug 19th, 2013 on Estate Planning - California
More details to this question:
The only thing I own is a mobile home free and clear, it is willed to my kids. I have about 2 months to live should I transfer title to my kids now or leave things as is? It is worth about $25000 to be split 3 ways.
14 ANSWERS
If the mobile home has appreciated in value - which seems unlikely - if they take ownership now, they may be liable for capital gains on the increased value. Otherwise, if the value has depreciated, it would be easier, cheaper, quicker and faster but they could put you out now without a reserved life estate in its ownership. Transferring ownership of a mobile home also involves the underlying land, which may be leased or owned.
Answered on Aug 27th, 2013 at 2:33 PM
Thomas Edward Gates
In Washington, either option works. Transferring now avoids probate.
Answered on Aug 27th, 2013 at 2:33 PM
2 Awards
Leave things the way they are.
Answered on Aug 27th, 2013 at 2:33 PM
Sanford M. Martin
If you want to avoid probate court, you should transfer to them by deed, perhaps reserving a life estate for you in the deed. Otherwise, if the title is only in your name, probate will be required, even with a will.
Answered on Aug 27th, 2013 at 2:32 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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If you die and it is in your name alone, it will be tied up in probate. Transferring it out of your name will avoid probate court.
Answered on Aug 27th, 2013 at 2:32 PM
The answer depends on whether the property has appreciated since you purchased it. If not, you can transfer now as long as you live in Colorado.
Answered on Aug 27th, 2013 at 2:32 PM
Admiralty / Maritime Attorney serving Monrovia, CA
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The Law Office of Nathan Wagner
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There is no one-size-fits-all answer for your question. A lot will depend on which state you live in. In states with long and expensive probate processes (like California or Florida; although California has a simpler and cheaper probate procedure for estates worth less than $150,000), it may be a good idea to transfer it during your lifetime, especially if you can reserve a life estate for yourself. It also depends on your state's DMV rules on transferring title to a mobile home and the ways title can be held.
Answered on Aug 27th, 2013 at 2:32 PM
Theodore W. Robinson
It may be wiser to make the transfer now and avoid any issues later, but be sure that they all know the deal and don't fight after you're gone. Usually a conversation and a letter will be enough.
Answered on Aug 27th, 2013 at 2:32 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Assuming the kids are going to want to sell it, it will almost be easier to leave things as is. They will be able to use a Small Estate Affidavit to transfer it; this will avoid transfer costs now plus more when they sell.
Answered on Aug 27th, 2013 at 2:32 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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I would donate it to the kids now, and avoid more work after you pass.
Answered on Aug 27th, 2013 at 2:32 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Under Michigan law, a mobile home is considered a "vehicle" and it passes outside of probate, as long as the total value is less than $60k. So you do not need to do anything with the home, unless you wish to. You should make sure that you have a durable power of attorney in place, in case you ever become incapacitated. I wish you the best and hope that you find strength and peace.
Answered on Aug 27th, 2013 at 2:32 PM
3 Awards
Hard to say. Do you have debts? If so it may not be a good idea as you may make them incur liability as transfer or. It may be an issue if you need Medicaid. I urge you to speak with attorney. If you live in Southern Nevada and are a senior citizen contact the Southern Nevada Senior Law Program. They may assist you for free or a small donation. (702) 229-6596. Best of luck to you. This information is only intended to give general information in response to an inquiry. It does not establish an attorney client relationship. This response is only based upon the limited facts presented and is merely intended to assist you in determining if you should contact an attorney to provide you with legal advice.
Answered on Aug 27th, 2013 at 2:32 PM
Probate Attorney serving East Greenwich, RI
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Kristen Carron, LLC
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Generally, I would say not to transfer property (like your home) outright to your kids. However, given your situation, deeding your mobile home could be a good idea. Doing that will avoid probate. You may want to consider adding your kids to the deed of your mobile home so that you all own it together. You could own it as Joint Tenants with Rights of Survivorship. Doing that will also avoid probate and you will still retain your ownership interest. Once you pass, the mobile home will pass to your kids without the need for probate.
Answered on Aug 27th, 2013 at 2:30 PM
Edwin K. Niles
If your cost is less than today's value, a present transfer might trigger a capital gain tax. If so, you might consider transferring to all of you as joint tenants. This would avoid probate.
Answered on Aug 27th, 2013 at 2:30 PM