Legal Question in Wills and Trusts in Ohio

my father is about to pass away and wants to sign over his house first.he owns it free and clear.what can we do about this


Asked on 5/03/12, 7:43 am

2 Answers from Attorneys

Elizabeth Schmitz Elizabeth S. Schmitz Attorney at Law

Your father would need to sign a deed which will tranfer the property to whoever he wants. The deed will have to be recorded with the county recorder's office.

Beware that there may be adverse income tax consequences to this type of transfer. The recipeints of the property will end up paying more capital gains taxes then they would if they inheirted the house. A better way to proceed would probably be a transfer on death affidavit.

Your father should consult with an estate planning attorney before making any decisions like this.

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Answered on 5/03/12, 8:17 am
Christine Socrates Meyers, Roman, Friedberg & Lewis

I am in agreement with the attorney Schmitz answer. If you have the time to do so, a transfer on death affidavit is the best way to go. Upon your father's death, the house will pass to whoever he has indicated on the affidavit. You will be able to transfer the property immediately upon his death and will still preserve the tax benefit of holding the property until death.

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Answered on 5/03/12, 11:03 am


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