Legal Question in Wills and Trusts in New York

Re: Quit Claim Deed or Gifting house

If I were you, I would request of your father that he make an appointment with an attorney in the state he lives and have him review the will and the general assets of his estate to see if the will should be changed or some other transactions should be make relative to estate planning. This is a difficult question to answer by e-mail and not knowing all the facts about your father's estate. For example, the will could provide that any taxes be taken from the top of the gross estate(meaning all beneficiaries share equally in the payment of taxes) or it could provide that each beneficary pays his portion based on the amount being given to him. Tom Noonan

Re: Quit Claim Deed or Gifting house

I suggest Deed transfers of your father's interest in both properties to the true owners now, subject to having the mortgage companies agree to look solely to your siblings for any mortgage balance and not your father. Otherwise the pro rata equity will be treated as part of your father's estate. The Deeds should reflect that your father was only an accomodation owner and that the siblings had been paying the mortgages. This would then only be a gift to the extent of your father's contribution to the purchase price and any mortgage payments. In essence, your father is only making a gift of what he actually previously contributed. Have local attorneys assist you in drafting the Deeds and the Deed tax forms that must also be filed.