If I were to quit claim deed my home to a family member as part of setting up my estate, would they be responsible to the IRS or any other entity for moneys owed, if any, at the time of my death?
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If I were to quit claim deed my home to a family member as part of setting up my estate, would they be responsible to the IRS or any other entity for moneys owed, if any, at the time of my death?
Or would i still be responsible as my name would also be on my home’s title?
Asked on May 23, 2017 under Real Estate Law, Colorado
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
When you quitclaim your house to a family member, that member becomes responsible for all subsequent taxes, fees, etc.
The quitclaim deed releases your entire right, title, and interest in the property.
The quitclaim deed is signed in the presence of a notary and becomes effective upon being recorded (filed with the County Recorder's office).
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