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How do I transfer a property to my son but still have access to use it?

How do I transfer a property to my son but still have access to use it?

Q: What is the best way to transfer a house to a child?

To transfer a house to a child, consider methods like joint tenancy, a life estate, or an enhanced life estate deed. These options allow you to retain some rights to the property while ensuring it passes to your child. Each method has different implications, so it's wise to consult a legal professional for personalized advice.

Q: What is the best way to transfer property title between family members?

Transferring property title between family members can be done through several methods, such as a quitclaim deed, joint tenancy, or a trust. Each method has its benefits and potential tax implications. It's important to consult with a legal expert to choose the best option for your specific circumstances.

Q: What is the best way to transfer property from mother to son?

The best way to transfer property from a mother to a son may include options like a life estate, allowing the mother to live in the property until her death, or a joint tenancy, where both share ownership. An enhanced life estate deed can also be beneficial. Legal advice is recommended to navigate the specifics.

Q: How to transfer property to a family member tax free?

To transfer property to a family member tax-free, consider using a gift exclusion strategy, where you can give up to a certain amount each year without incurring gift taxes. Additionally, transferring property through a trust may offer tax advantages. Consult a tax professional for guidance tailored to your situation.

Full question:

If a person lives in NY and has a house in Florida. Then signs the house over to the son. Can it be stipulated in the transfer that she has live use of the home?

Category: Real Property
Date: 04/07/2025
State: Florida

Answer:

There are several options depending on what your intend to accomplish by transfer of the property to your son. You could transfer the property to you and your son as joint tenants with rights of survivorship so that you both had equal rights to use the property and he received it at your death. You could retain a life estate where you still owned the property during your life and it went to him at your death. In this case, you would still be the owner. You could use an Enhanced Life Estate Deed (legal in Florida) which states that he receives the property at your death. This type of deed allows you to revoke or change the life estate to your son in the future if you desire. The traditional life estate deed would not be something that could be revoked. You could transfer the property to a trust where both you and your son were beneficiaries and it went to him at your death. If you transfer the property out right with nothing else there would be no rights for you to use the property without his consent. You should also check with your accountant about any tax issues that could arise due to the transfer.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What is the best way to transfer my house to my son?

The best way to transfer your house to your son depends on your goals. Options include a joint tenancy, where both of you share ownership; a life estate, allowing you to live in the home until your death; or an enhanced life estate deed, which lets you retain rights while ensuring your son inherits the property. Consulting with an attorney can help determine the most suitable option for your situation.

What is the best way to transfer a house to a child?

What is the best way to transfer property title between family members?

What is the best way to transfer property from mother to son?

How to transfer property to a family member tax free?

Is it better to inherit a house or receive it as a gift?

Inheriting a house often provides a step-up in basis for tax purposes, potentially reducing capital gains taxes if sold later. Receiving it as a gift may result in different tax implications, including potential gift taxes. The best option depends on your financial situation and goals, so consulting a financial advisor is advisable.