Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Here is what my mom did. She had my and my sibling's names added to the house ownership along with her's. Then she also made and signed a quit claim deed which took her name off and deeded the house to me and my siblings. But ... HERE IS THE IMPORTANT PART ... she did NOT have this deed recorded; she put it in a safe deposit box that also had all of our names on it. After her death, we got the quit claim deed from the safe deposit box and took it to the county clerk and recorder and had it recorded and later sold the house. Of course, she had to completely trust us in doing this; I suppose we could have taken the house from her while she was still living.

We used the value of the house at time of death as our cost basis and she did not have an "estate" after her death. We continue to be thankful to her for making things so easy for us.

- John
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.