What to do if my mother has purchased a new home and she has asked that I sign the deed with her?

UPDATED: Dec 4, 2013

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What to do if my mother has purchased a new home and she has asked that I sign the deed with her?

She has acquired the mortgage herself. Would it be better to have her give the house to us in the will or have my name on the deed. What might be the tax ramification and the expectation from the mortgage company with my name on the deed in the event of her early death?

Asked on December 4, 2013 under Estate Planning, Alabama


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The best way to do the gifting of the apparent interest in the home that your mother wishes to give you an interest in is to have her gift a percentage each year equal to $13,500 while she reserves a life estate in it. I suggest that she consult with a competent estate planner for this. One can be found on attorneypages.com.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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