Legal Question in Real Estate Law in New York
Deed Change
My significant other and I have been living together for10 years. We've been together together for 18 yrs.
I purchased a home in 1992, Title, deed, and mortgage soley under my name.
We have no children between us, myself none, and he has 3 from a previous marraige.
I would like to leave the home to him, upon my death. He feels that I should put his name on the deed, as joint tenants with right of survivorship. I think that doing this will have tax consequences for him (gift tax), I don't think capital gains with the new law, but am not certain. I bought the house 2-Family) for 330,000 it's now appraised for almost 700. What's your advise? Please help.
(I have to read the mtg. papers to see if there's any complications)
2 Answers from Attorneys
Re: Deed Change
You need to provide more details about your situation in order to determine the right way to go. I think you may be mistaken about the necessary tax consequences of conveying title, but Mr. Groezinger makes a good point about making a decision you could change your mind about later on. Bequeathing the property or making some other arrangement may have tax consequences or involve other costs; consult with an attorney as soon as possible.
Re: Deed Change
Joint tenants means that it passes outside the estate and goes diretly to the other party upon death.
If I were to advise you, and you alone, I would suggest a different tactic because things could change in your circumstances without your expectation of this.
Feel free to contact me at 8458782163 for a complimentary consult.
Good Luck
RRG
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