Ask Experts Questions for FREE Help !
Ask
    critchieh's Avatar
    critchieh Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 2, 2011, 10:14 AM
    Massachusetts House Deed, Title or Both
    My Dad has a second home that I've made significant investments in by expanding/improving. The deed of the house is currently in a Real Estate Trust that he had the property under for a number of years before the improvements. We now would like to recognize my investment in the property by adding my name to the deed, title or both. Can you provide some guidance on what needs to take place?
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #2

    Feb 2, 2011, 10:26 AM
    Is he a trustee with a bank? Is it revocable or not? Is he elderly or ill?
    Your best bet is to talk to the trust bank with him.
    One easy way to recognize you is to simply change his will to reflect the work you did, keeping in mind no-inheritance tax limits and changes coming on same.
    The trust can sell or gift you portions of the property, but you have to pay the usual revenue and other taxes due when a deed is changed, and gifting is taxed over 13K worth a year.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Title to mobile home and title to land is separate can it be sold on one deed [ 1 Answers ]

I moved into the country in a mobile home and started renting then a year later we decided to purchase the land and mobile home on contract. We have paid taxes and insurance on it. 2 years later we find the person selling it to us does not have the title to mobile home just to land. Does he have...

Need to remove a name and add my name to house title, deed, etc. [ 3 Answers ]

Hello, currently my brother and father's name are on a house deed, title, etc. My father passed away so we would need to remove his name from the house and my brother would like to add my name to the house. The house is paid for and carries no mortgage (if that matters). We live in...

Massachusetts Title/Deed [ 1 Answers ]

If my husband owned a house before we were married (2 yrs ago) and his name only is on the deed, how does that affect me if he were to die before me? Does my name NEED to be on the title/deed for it to automatically pass to me? Or in MA, is this automatic? Thanks!

View more questions Search