Legal Question in Real Estate Law in Minnesota
Adding children's names to deed
My husband and I are in our early to mid 60s. We have been thinking of adding our children's names to our deed. We have 2 sons and a daughter. We own 10 acres in rural Minnesota on which we live. One of our sons lives in a mobile home on the 10 acres also. First of all can we add their names to the deed and would a QuikClaim Deed be the instrument to use? What would happen if we do this and one of us has to go to a nursing home? Our property is valued in the $100,000.00 bracket according to the tax papers. We have not had it appraised. If we add the children to the deed would they have to pay gift tax on it? Two are married is there anyway of protecting the property against divorce if they are on the deed? Thank you for your help. Regards
1 Answer from Attorneys
Re: Adding children's names to deed
In my experience what you are considering creates more problems than it is solves. All you need for a big problem is to have one of your children or one or their spouses to have a divorce or a bankruptcy or a problem with the IRS.
The lookback for medicaid purposes is thirty-six months, if I remember correctly.
If you were going to do it, you might use a quit claim deed form - but that type of document is very easy to mess up, and doing it without a lawyer would be a very bad idea. It's not just a matter of the right form - there's more to it than that. Even if you knew what kind of bandages to use, you still wouldn't want to do surgery on yourself.
This response is for general information purposes only and does not create an attorney-client relationship.
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