[binners]

MY father-in-law has "given" my husband the house. He claims it would be too expensive on us to have the title and deed changed into our name. Is that true, and how do I find out how expensive? Also, I have heard, according to Oklahoma law, if something happens to my father-in-law, no matter what kind of pre-nup or will he might have, the house would go to his new wife. Is that true? Thanks for your help!

[ScottGem]

A person can gift up to $12K per year per person without tax liability. Over that he has to pay gift taxes. That's probably what he's referring to. He can do almost anything he wants in a will. I doubt if there is anything in OK law that changes that.

What I would suggest is that your F-I-L "sell" the house to your husband and yourself. You both sign a note for the purchase price of the house. Then each year, the F-I-L can gift $24K ($12 to your husband and $12 to you) of the loan balance until its paid off. This gets the property in you and your husband's name without tax implications.

[Fr_Chuck]

Yes, there has to be some legal document giving this to you, And of course the new wife can always challenge anything after his death.