Legal Question in Wills and Trusts in Minnesota

Transfer of title before probate

My Dad has unexpectedly gotten sick and it appears he isn't probably going to be with us for a lot longer. I have his POA and am named in the will and am the payee (POD) on his investments and everything is in place with the exception of his car and his home. His place happens to be a manufactured home so has a title just like his car. I am considering transfering the title on both the car and the mobile home to keep it out of lenghty probate. At the minimum I felt it wise to add my name to the titles. Both titles are free of any encumbrance. My question is that if I do this and then we sell these items, am I personally liable for the tax or capital gains. In particular the sales claim on the trailer home- would that be considered capital gains if my name were on the title?


Asked on 3/17/09, 2:22 pm

1 Answer from Attorneys
Daniel Reiff Reiff Law Office

Re: Transfer of title before probate

I don't mean to duck your question, but there seems to be a lot more here than you think. I think you definitely need an attorney immediately. Particularly if there are other heirs, there may be some issues with your activities. There are also some tax issues to look at here.

MY STANDARD DISCLAIMER: This is not intended to be legal advice or to create an attorney-client relationship. No such relationship is intended until a retainer agreement is signed.

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Answered on 3/21/09, 2:42 pm


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