QUESTION
How do I leave the house to my daughters?
Asked on Oct 11th, 2017 on Estate Planning - California
More details to this question:
I have been paying the loan for 28 years. I have subsidy to pay back if not in home.
6 ANSWERS
Corporate/Business Attorney serving Beachwood, OH
at
Christine Sabio Socrates Attorney at Law
Update Your Profile
There are many different ways to leave a home to your children, transfer on death affidavit, will or trust. I would need more information regarding the "subsidy" to address that issue and suggest the best method to use.
Answered on Oct 16th, 2017 at 12:02 PM
Pay back the subsidy and get a clear title to the property. Then you can leave it to whomever you like.
Answered on Oct 12th, 2017 at 1:37 AM
Thomas Edward Gates
You may leave the home to your daughters by specifying so in your will.
Answered on Oct 12th, 2017 at 1:37 AM
Probate Attorney serving Newport, OR
at
Minor, Bandonis & Haggerty P.C.
Update Your Profile
You should make a will leaving the house to your daughters (and making dispositions of your other property). They will have to pay the loan and any subsidy, if by its terms it is repayable after you pass away.
Answered on Oct 12th, 2017 at 1:36 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
You can execute a survivor affidavit.
Answered on Oct 12th, 2017 at 1:36 AM
It probably would be best to speak with an attorney who handles estates and trusts. Bring all the paperwork on the subsidy. If you make them joint tenants with you the payment might become due and there is no stepped up basis. There are several issues to consider so we can not answer without knowing more details.
Answered on Oct 12th, 2017 at 1:36 AM