 Senior Patient Advocate Patient Advocate (old timer, 2000 posts)
Joined: Sep 2006 Posts: 8,311 | A trust is not the only way to go with real estate. You can also either do a simple Quick Claim Deed or again put the property in Joint names with the Right of Survivorship. In each of these there may be "transfer taxes" based upon the properties FMV but since R/E sucks these days there may not be much to pay. If the R/E was put in joint names when purchased there are no additional transfer taxes due. The Quick Claim passes the property immediately so make sure the end is near and the person is totally trustworthy. There may also be gift taxes but in today's tax climate one would have to be a B Gates to worry about that.
David
Age 58 at Dx, HPV16+ SCC, Stage IV BOT+2 nodes, non smoker, casual drinker, exercise nut, Cisplatin x 3 & concurrent IMRT x 35,(70 Gy), no surgery, no Peg, Tx at Moffitt over Aug 06. Jun 07, back to riding my bike 100 miles a wk. Now doing 12 Spin classes and 60 outdoor miles per wk. Nov 13 completed Hilly Century ride for Cancer, 104 miles, 1st Place in my age group. Apr 2014 & 15, Spun for 9 straight hrs to raise $$ for YMCA's Livestrong Program. Certified Spin Instructor Jun 2014.
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