Legal Question in Wills and Trusts in Michigan

my dad wants to add my name to the deed w/o the selling portion of a regular quit claim deed. he still has a mortgage on the house we live in. can he have a living trust on his house executed if he still has a lien on it? what do we do to make sure the house goes to me in the event of his demise,he is 82 years old.

thank you very much

Asked on 11/13/09, 2:07 am

2 Answers from Attorneys

Sanford Mall, JD, CELA Mall Malisow & Cooney, PC
0 users found helpful
0 attorneys agreed

The best option may be for your father to use a beneficiary deed authorized under Michigan Land Title Standards 9.3 (also known as a Ladybird Deed). Such a deed would be less costly than establishing a trust. If a trust could be beneficial for other reasons, then the existing lien would not prohibit the transfer of ownership of the house into trust.

Read more
11/18/09, 7:53 am
JASSI SACHDEV LAW OFFICES OF JASSI S. SACHDEV, P.C.
0 users found helpful
0 attorneys agreed

There are other gift tax implications if you get on deed today while he is alive. There will be income tax implications when you sell the property after he dies. A good way is to have lady bird deed - which will give him life estate for his life and transfers proeprty to you upon his death. Consult a lawyer for sure.

Read more
11/18/09, 4:42 pm

Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Michigan

Looking for something else?

Get Free Legal Advice

88333 active attorneys ready to answer your legal questions today.

Probate, Trusts, Wills & Estates Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Michael E. HendricksonAttorney & Counsellor at LawAlexandria,
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now