My father has terminal cancer and has a house with a second mortgage on it....What should we do? transfer it in our names or just let it go to probate???
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Read More Answered By: Christine Socrates |
I do not recommend transferring the house to your names at this time. One advantage of holding a property until you die is the tax benefit of stepped up basis which can save significant amounts of money if your father's home has appreciated at all since its purchase. One alternative is he can execute a transfer on death deed which will keep the property in his name until his death but avoid probate after his death.
I hope this helps. Please let me know if you need clarification or have additional questions. |
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