Which property claim deed should we use?
My Mother- in- Law wishes to deed the house that we along with her reside in to my husband. She will live with us until she passes away and this is a descision that was made years ago. We need to get a loan against the house for house repairs so would we use a quit claims deed or a life estate deed considering the loan we need to get the house currently has no mortgage owed.
2 Answers from Attorneys
Re: Which property claim deed should we use?
It could be done either way; however, the transfer of the property to your husband could disqualify your mother-in-law for a number of federal benefits available to her. I would suggest that you e-mail me a phone number I could reach you at to discuss this matter further.
Sincerely,
Robert Roemer
Re: Which property claim deed should we use?
You could do either but there may be gift tax conseqiences. You should really sit down with a probate lawyer so that her wishes can be best and most efficiently carried out.
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