Minnesota | Real Estate Law
Legal Question
Adding children's names to deed
My husband and I are in our early to mid 60s. We have been thinking of adding our children's names to our deed. We have 2 sons and a daughter. We own 10 acres in rural Minnesota on which we live. One of our sons lives in a mobile home on the 10 acres also. First of all can we add their names to the deed and would a QuikClaim Deed be the instrument to use? What would happen if we do this and one of us has to go to a nursing home? Our property is valued in the $100,000.00 bracket according to the tax papers. We have not had it appraised. If we add the children to the deed would they have to pay gift tax on it? Two are married is there anyway of protecting the property against divorce if they are on the deed? Thank you for your help. Regards
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Read More Answered By: David Kelly-952-544-6356 |
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