The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/bigdogsfo-quotheres-the-situation-dad-is-24251721.aspx

Subject:  Re: House transfer: Father to Sons Date:  6/20/2006  8:11 PM
Author:  JAFO31 Number:  87485 of 124537

bigdogsfo: "Here's the situation: Dad is passing the 85 year mark this year (mom passed away long ago). My brother and I are thinking of transferring ownership of his home which he owns almost free and clear (about $300k equity) to us as Joint Tennants with Rights of Survivorship. Dad is fine with this plan. We've contacted an estate planning professional who will draw up the title documents to be filed in the county where he lives, with a specific proviso that will allow "Dad" to live in his home as long as he wants - which is what