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    slp420's Avatar
    slp420 Posts: 3, Reputation: 1
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    #1

    Jul 2, 2008, 11:53 AM
    Adding a grandson's name to grandmother's house deed
    My grandmother is elderly and in her will she has left everything to my brother and me. She says she is wanting to give my brother her house and me money. If she puts his name on the house, what does that mean? Joint ownership? Is that considered a gift to him if done before she passes?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Jul 2, 2008, 11:56 AM
    If she adds him as a joint tenent with right of survivorship, then he gets the house outside her estate. And yes that would be considered a gift to him since she would be, giving him a share of the house.

    How large is her estate? It might not be worht doing this.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Jul 2, 2008, 11:56 AM
    If she adds him as a joint tenent with right of survivorship, then he gets the house outside her estate. And yes that would be considered a gift to him since she would be, giving him a share of the house.

    How large is her estate? It might not be worht doing this.
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    slp420 Posts: 3, Reputation: 1
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    #4

    Jul 2, 2008, 12:14 PM
    Total estate consists of house worth about $150,000 and $180,000 cash. Thank you for your assistance.
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    smearcase Posts: 2,392, Reputation: 316
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    #5

    Jul 2, 2008, 12:18 PM
    May or may not be applicable but any assets she gives away will affect Medicaid eligibility in a nursing home, for I believe 5 years after the gifting.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #6

    Jul 2, 2008, 12:22 PM
    Given the smal size of the estate, She should be able to make these bequests in a will. There should be no tax liability since the estate is under $2M. Have the will appoint an executor who can deed the property to one brother and sign over the cash to the other.
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    slp420 Posts: 3, Reputation: 1
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    #7

    Jul 2, 2008, 07:51 PM
    Very helpful and timely! Thank you.
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