quit claim or joint tenancy deed?
my dad wants to quit claim his only real asset to me (house). I think we should do a joint tenancy deed for tax reasons for him while he is still alive. he does not want to take the time to do a will or trust, so I feel stuck. Could you tell me the pros or cons of each?
Re: quit claim or joint tenancy deed?
Mr. Whipple gives great answers which should be followed; he should be congratulated fro putting so much thought, effort, and work into his responses.
When he staes that a trust is better than joint tenancy, he also means that it is better for your father. You do not state what his life expectancy is, but what if he gives you half ownership and you then get into a big argument, or your wife develops a hatred of him, so you want to sell the property. What if he re-marries? Should his new wife be cut out of his estate? A revocable Trust with him as trustee guards against these possible changes, but a gift of half the property does not. It should not take an experienced attorney very long to get all the information he/she needs and prepare the Trust. So that you understand what is going on, get or read a book tha is on an understandable level for you personally on trusts [see the Nolo Press books].
Re: quit claim or joint tenancy deed?
Mr. Whipple gives great answers which should be followed; he should be congratulated fro putting so much thought, effort, and work into his responses.
When he staes that a trust is better than joint tenancy, he also means that it is better for your father. You do not state what his life expectancy is, but what if he gives you half ownership and you then get into a big argument, or your wife develops a hatred of him, so you want to sell the property. What if he re-marries? Should his new wife be cut out of his estate? A revocable Trust with him as trustee guards against these possible changes, but a gift of half the property does not. It should not take an experienced attorney very long to get all the information he/she needs and prepare the Trust. So that you understand what is going on, get or read a book tha is on an understandable level for you personally on trusts [see the Nolo Press books].
Re: quit claim or joint tenancy deed?
Mr. Whipple gives great answers which should be followed; he should be congratulated fro putting so much thought, effort, and work into his responses.
When he staes that a trust is better than joint tenancy, he also means that it is better for your father. You do not state what his life expectancy is, but what if he gives you half ownership and you then get into a big argument, or your wife develops a hatred of him, so you want to sell the property. What if he re-marries? Should his new wife be cut out of his estate? A revocable Trust with him as trustee guards against these possible changes, but a gift of half the property does not. It should not take an experienced attorney very long to get all the information he/she needs and prepare the Trust. So that you understand what is going on, get or read a book tha is on an understandable level for you personally on trusts [see the Nolo Press books].
Re: quit claim or joint tenancy deed?
Mr. Whipple gives great answers which should be followed; he should be congratulated fro putting so much thought, effort, and work into his responses.
When he staes that a trust is better than joint tenancy, he also means that it is better for your father. You do not state what his life expectancy is, but what if he gives you half ownership and you then get into a big argument, or your wife develops a hatred of him, so you want to sell the property. What if he re-marries? Should his new wife be cut out of his estate? A revocable Trust with him as trustee guards against these possible changes, but a gift of half the property does not. It should not take an experienced attorney very long to get all the information he/she needs and prepare the Trust. So that you understand what is going on, get or read a book tha is on an understandable level for you personally on trusts [see the Nolo Press books].
