i have a home in NC with my daughter and i on the deed. I gave her $ for down payment, and my son the same amount. I only had my name on there to keep her former husband from trying to take it from her, and it was originally in real bad shape, but she eventually made a sucess of it.
If i die, is my son entitled to it if he is not on the deed?
Is there a gift penalty or tax to her if i take my name off the deed?
would this create a big tax liability for her? She is in NC. Or do i just do the quit claim, and be done with the worry.
If the state allows beneficiary deeds, you can deed it to her upon your death. This is usually a very simple process. In Arizona you merely have to record a notarized statement (language is listed in the statute) that deeds the property to her on your death. You can change that at any point by recording a new statement that either negates the transfer or names someone else.
If the person you are concerned about is an ex-spouse, they shouldn’t have any legal claim on the property. Unless she is significantly in debt to him that he could force a sale(?) Or of he holds enough emotional sway/control over her to “force” her to transfer title to him. In either of those cases, I would think a trust that holds title to the property, and gives her the lifetime right to live there, and specifically denies him access might be the way to get what you want, but it sounds very expensive.
if i gift a stock, and the recipient holds it, and it decreases, the cost basis starts on the gift day, and it may go down before she sells it, so she can take a loss. Since she may not sell the house for years, she has to know the market value the day the house is gifted, as real estate is like a stock, correct?
how much is the irs lifetime estate tax exemption?
the fedeeral lifetime tax exemption for 2023 is $12,900,000. how much is thd liffetime tax exemmption - Google Search
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