Pennsylvania | Real Estate Law
2/13/07, 4:44 pm
Legal Question
Adding my son's name to my deed with mine.
Can i add his name along with mine as co owner of the house?
Adding my son's name to my deed with mine.
Can i add his name along with mine as co owner of the house?
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Read More Answered By: Hillary Snyder |
Re: Adding my son's name to my deed with mine. You can add your son's name to your deed, but just remember that if you add his name to your deed, any financial problems that he has can become your problems. Should he run into financial trouble since he is on the deed he now has an ownership interest in the property to which creditors can attach claims.
There are some positive aspects for adding him such as saving on inheritance tax & avoiding probate.
There are other concerns if you are trying to plan for long term care, Medicaid.
I hope this helped. If you have any questions, please feel free to contact me at 412.731.0865. I do give free consultations, so it won't cost you anything for the call.
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Read More Answered By: Miriam Jacobson |
Re: Adding my son's name to my deed with mine. Adding another person to title of your home, even if that person is your son, should not be undertaken lightly. You will not be able to act alone with respect to your home once you add his name. Also, if there is any possibility that you will need nursing home care in the future, your transfer of an interest in the home may cause a problem.
What is your purpose in doing this? If you only want to make sure that he owns your home after your death, you should have a Will written, which accomplishes the same goal without complicating your use and disposition of your home during your lifetime.
You should consult with an attorney familiar with real estate and with Elder Law issues before you do such a transfer. |
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