In Michigan, can a house my mother owns be transfered to me while she is alive and call it a gift?
81787
We did something similar but transferred it to a Family Trust.\n\nHowever, transferring the deed to you is entirely possible.  The only thing is that when you sell this property, your capital gains will be based on your initial cost of $0.  Therefore, you will pay higher Capital Gains tax later on. \n\nThis should of course be offset by you getting this property for free, and really depends on your tax bracket.\n\nIs there a mortgage on this property?  If so, you can still transfer the deed to you.
745046
Well I believe you can...My mother was in the same situation as you...In the divorce papers it stated my father is to pay my mother for life...but he stopped....anyway she spoke to a lawyer and they told her if it was court ordered he has to...all she has to do is take the papers to the DA and it will all be taken care of... he will be surprised shortly...but I'm not to positive about retirement or SS, but I do know she is entitled to them...So if it was court ordered your should be able to get it...
495094
Wills don't have to be probated.  But until they are, there is no legal force behind them.  The court decides when it has been properly executed, that it hasn't been revoked, and that the person who wrote the will was the person who died.  If the will isn't probated, then you better be sure that there are NO disputes, because anyone can come out of the woodwork and say "um, that mobile home was actually supposed to go to me."  Not that this claim would win, but probating the will would help protect against these types of claims.\n\nThe reason you're selling off the property and dividing the proceeds is because cash is easier to split than personalty (personalty being personal property).  The titles to this property are irrelevant because as soon as your mother died, they were transfered to her estate and you and your sister are the beneficiaries to that estate.  So no, this is not why the will had to be probated.\n\nThe lawyer who administers the estate on your behalf has a right to charge however much he wants to.  It's your duty to ensure that this is not overly burdensome.  But if you signed a contract saying that he would get 5% of the estate, then it's more than likely too late for you to back out of that.  I personally don't believe that 5% is outrageous when it comes to working with the courts to make sure that everything is handled properly.  Just make sure he's keeping his side of the bargain by informing you when you have to file returns, what taxes (if any) are supposed to be paid, and when the probate process is going to be over.
399697
A form generally accepted by all county recorders is a Quit-Claim Deed.  \n\nTypically you can find this at any good stationary store.  \n\nTo avoid a potential tax liability it may be in your best interest to indicate the transfer to be an "inter-family transfer with -0-consideration".
60887
Just the fact that the house was put into a trust for you before your aunt's death doesn't automatically mean that you received it before your aunt died.\n\nIt's possible that your aunt put the house into a revocable living trust with herself as both grantor and trustee.  In that case, you would receive the house when she died and you would receive it with a value based on it's value when you received it.\n\nI suspect you will have to pay taxes on any money you made based on that value upon your aunt's death, if the house was sold at a higher price, since you never lived in the home as your own.\n\nI would suggest you see a CPA or tax attorney and bring a copy of the trust document, home appraisal done upon your aunt's death and the home sale paperwork so it can be determined for sure what your situation really is and what you must do concerning the IRS.
996584
Yes it is a Life Estate.  If she moves, though, the estate is terminated, unless it is to somewhere such as a nursing home.  If it is used as a rental, the occupancy is terminated.  The key word is "Occupy".\n\nTechnically, they do have the right to occupy the property as well.  They own it.  Unless there is a stipulation that states she is to pay for everything, she can stop paying the taxes, etc., and it's the owner's responsibility to pay it.  Unfortunately that means all of the children, not just who is living there.\n\nGood luck  :)
1005437
If it is not by written agreement. The Michigan State Statute will provide the amount. Look under the section for Wills and Estates in the Michigan Code. You can find it online.
150305
Depending upon the state you live in...in the event of her death (sorry), you will probably inherit under community property laws. In the case of divorce, you just might be out a whole bunch of money. There is, however, some credibility towards you owning at least a piece of the equity based on the amount you pay. If she owned the house prior to marriage, it, generally speaking, is hers unless you end up on the deed. Get a lawyers opinion (sorry again).
811195
If there  is no will....then no, your mother is not entitled to anything, unfortunately. \n\nWhen someone dies intestate, the estate is left to the next of kin. While it may hurt your mother, she should remember that she got the real blessing, a good friend for 12 years and the satisfaction of knowing she did the right thing and truly helped someone. Money would be nice, but I am sure that is not why your mother did what she did.\n\nPlease tell your mother she is a wonderful soul for me.
739734
When you list a beneficiary, you have the opportunity to list a contingent beneficiary.  If she listed a person as the contingent beneficiary, then that person gets the payout.  \n\nIf she didn't, then the estate of the mother gets the payout, and it gets distributed just like the rest of the assets in her will.  If she didn't have a will, then it has to go through probate court, and will get assigned as per the state law - most likely to a spouse first, then children - sometimes between spouse and children.
992369
Yes, unless the litigants can prove that,that is why they did it. Their new house will also have to be in your name for at least two years. Also, you will have to pay capital gain taxes on the money you receive from the original sale of their "old" home.
152149
The house was in both parents names when she died she had no claim over it so he had full ownership - had she made a will and stated that her half go to her children then he couldn't have sold it without their say so.\n\nhe would have had to give the children half if the will was changed and you wanted it to be sold.
910244
A grantor who gives a deed can only sell what he owns. When he gave the deed to your mother, he did not own the land, so the deed was and is worthless. When he finally owned the land, he could give it to whomever he wanted. His sons own the land.\nIf your Mom lived on the land for those 20 years, thinking she owned it, she may have a claim under a theory of adverse possession - but she has to have had open, continuous, exclusive, adverse and notorious possession.
67222
Adult child is actually too vague to respond to in view of the fact a child can be an adult, but still not be emancipated from the family; assuming the adult did not live at home, it would depend upon her will executor assigned ... the property she owned, and what her bills were at the time of death. If she had property, it would have to be sold and her bills paid from the sales.
654088
you'll have to take it before a probate judge or seek legal counsel first. more than likely it will be set that the house be sold at market value and the money be split between yall,but if there is any outstanding debts they have to be paid first then what ever is left be split
579785
Go see a lawyer IN THE SAME STATE AS YOUR FATHER and explain this situation.  Then hang around your father like a tick on a cold day until he signs a will.\n\nThis is the only good way to protect your mother from poverty or delayed property transfers while she is grieving.  All this should be settled now, in advance, based on the blessing of your father knowing he's going to die as well as about WHEN that's going to happen.\n\nYour mother's grief will be ENORMOUSLY AGGRAVATED if her husband dies without a will ("intestate" is the word for that).
457773
Transfer on death means that one person owns something and passes it on to another person upon their death.  For example, if a parent specifies that ownership of thier home will transfer on death to their children, then the children have no ownership rights until the death of the parent.  Joint tenants with right of survivorship means that both (or all if more than 2) own it as long as they are both living, but upon the death of either, full ownership would immediately transfer to the other(s).  This is often the way a husband and wife own property together so that, upon the death of one, the other becomes the sole owner of the property.  It is important to give careful consideration to these kind of things to be sure your wishes are met and that you do not create an unnecessary tax burden for your heirs upon your death.  For example, suppose a man with 2 children marries a woman who also has 2 children and the man and woman are in an accident and both are killed, but the man is pronounced dead 10 minutes before the woman.  Because the man died first, the woman now becomes the sole owner of the home and, in the absence of a will or other instrument to designate a different outcome, the 2 children of the woman would now own the home and the 2 children of the man would have nothing.  Think carefully about what could happen and be sure your wishes are clearly defined and implemented.  You may want to consult an Attorney to be sure this is done correctly.