i have power of attorney for my 86 year old mother in Ohio and she would like to put her home in my name. how do i go about doing that and is it wise to have the house "in trust" for her or remove her name altogether?
1 Answer from Attorneys
I would not recommend doing that but would rather use a transfer on death affidavit or even a trust if the circumstances warrant setting up a trust. The house will still transfer to you at her death but keeps it in her name while she is living. There are tax benefits to keeping the house in her name until her death, you get a stepped up basis which can save money if you decide to sell the home at some point. Also, by transferring the house now, it leaves the house open to your creditors and liabilities. There are better options to transferring the house now.
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