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-   -   Quit Claim deed liability (https://www.askmehelpdesk.com/showthread.php?t=248786)

  • Aug 14, 2008, 05:03 AM
    Lindenwood
    Quit Claim deed liability
    My mother is worried that someday she might have to go to a nursing home. She wants to place all of her six kids names on a Quit Claim deed in order to keep the nursing home from taking her house. I want to know if the grantees (her kids) would be charged a gift tax.
  • Aug 14, 2008, 06:49 AM
    ScottGem
    No, they would not be charged a gift tax, but you mom would be. If the amount that each child gets is over $12K, then there would be gift taxes involved.

    What would be better is to sell the property taking a life estate to the offspring, She can then take a mortgage. She can then forgive $12K per year per child until the mortgage is paid off.

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