Legal Question in Wills and Trusts in Massachusetts
deeds
How do I go about changing the deed to my home in my kids name?
3 Answers from Attorneys
Re: deeds
A new deed would need to be prepared and recorded from you to your kids. However, there are Federal and Massachusetts income and Federal gift tax return considerations. You should consult with an attorney as to your goals and objectives for this transfer.
Re: deeds
Assuming you seek to tranfer title from your name to your kids, a deed would need to be drafted by an attorney. But there are Massachusetts and potentially Federal estate tax consequences, as well as Medicare eligibilty considerations of such a transfer that you would be well advised to discuss with an attorney before doing so.
Re: deeds
The matter is eiher simple or complex, depending on whether the property is subject to a mortgage or not. If you own the home in fee simple with no liens or mortgages, then transfering title involves recording a new deed and paying the appropriate costs and taxes. If the property is mortgaged, there is substantially more work involved. If the transfer is made as part of an estate plan or distribution process, then there are many other factors to consider. Feel free to e-mail me with any additional questions.