Legal Question in Real Estate Law in Florida
My mother requested that I quit claim her property to myself (I am POA) because she was in the hospital. Is this legal?
Asked on 1/05/16, 3:12 pm
2 Answers from Attorneys
Barry Stein
De Cardenas, Freixas, Stein & Zachary
It depends on the terms of the POA, which has to be reviewed, and may need to be recorded to secure title transfer. Before you do it you need to consider the tax implications, both Federal Income Tax, and Estate and Gift Tax issues. You also need to be concerned about the loss of homestead exemption if there currently is one. I suggest you discuss the issue with an attorney before doing something that will have significant financial impact.
Answered on 1/05/16, 3:26 pm
David Slater
David P. Slater, Esq.
It may be legal (depending on the power given to you by the POA) but not advisable if there are other children involved or you have judgment creditors.
Answered on 1/05/16, 3:45 pm
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