Legal Question in Real Estate Law in Oregon

Re: Best way to hold property for eventual death?

Very likely your best plan will be to use a revocable living trust, but in a minority of cases a different concept turns out to be preferable. There are definite tax and probate avoidance issues to be studied and addressed, and that's why you should spend a little now to have a professionally-prepared plan.

If your name were 'put on deed' that would probably be done by deeding the property to himself and you as joint tenants, but there is a gift tax issue involved and chances are your professional advisor will recommend that you use a trust instead.

Re: Best way to hold property for eventual death?

As previous posts have noted there are generally three different ways that this transfer could be accomplished (1) direct deed; (2) revocable living trust; or (3) a will.

A determination of the "best" way for your father's particular situation requires significantly more information about your father's current and future situation than is possible in a bulletin board posting.

For example: Does your father have other assets, or is this property his only significant asset? Has your father ever received any kind of public benefits? If he has received public benefits, what kind and when? Is there any chance he will need public benefits (like assistance with nursing home care) in the future? Do you have any siblings?

A thorough analysis of all these issues is necessary to determine the "best" way for your father to pass this property on to you.

Re: Best way to hold property for eventual death?

The answer to your question is "it depends." What is the value of the estate. Is your father interested in protecting the property from creditors in case of a long illness? Etc. Etc. The cash savings on not getting a proper estate plan and analysis done may well cost far more in the future.

My advice. Get professional advice and pay for it.

I know this is not what you wanted to hear, but it is honest and direct.

If we can be of assistance, let me know.

Re: Best way to hold property for eventual death?

We all have our opinions of what should do and based upon the infomration that you have provided, I think that you have a few options:

1) Trust-Expensive, but very in-depth coverage and protection;

2) Will-Much less expensive, but will have to deal with probate;

3) Convey Prop as Joint Tenants with right of survivorship-Much less expensive, with a some risk and not much planning.

The idea of a trust is wonderful because it is protected from creditors, however, it is quite expensive. On the other end of the spectrum would be to take the most economical appraoch by deeding the property over.

Please do not hesite to call if I can be of any further assisance.

Khach "Catch" Akhkashian