Legal Question in Real Estate Law in Nebraska
Homeowner Title
May home is in my name along with the mortgage. I want to know about adding my life partners name to the title to ensure that she is taken care of in case something were to happen to me. Can that be done? How? Are there tax implications to me since we file seperate tax returns?
1 Answer from Attorneys
Re: Homeowner Title
It can be done, but it is probably not the best solution. It would be considered a gift for tax purposes unless she paid fair market value for 1/2 of the home. Adding her to the title is irreversible without her permission. Even if you are certain that your affection will never end, there are circumstances that might arise such as a lawsuit or creditor which would make her partial ownership undesirable. A better solution is to contact an estate planning attorney, like myself, to help you prepare a will or living trust to provide for your partner.
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