I currently own a home in MD (with a mortgage) and am in the process of purchasing a home as my primary residence (with a mortgage) in WV. I would like is there any way I can put my two sons names on the titles -- not the mortgage -- so that should I die, they can own the home (with their names on the title) and finish paying the mortgage and have full ownership of the homes?
Real Estate Attorney
What you want to do is easy. Before you do it please consult an estate planning lawyer.
The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the Commonwealth of Pennsylvania. Responses are based solely on Pennsylvania law unless stated otherwise.
Brain Injury Lawyer
Usually a highly questionable idea, with considerable risks to your own long-term peace of mind. I STRONGLY SUGGEST that you consult with an attorney before moving forward with this idea. You should have privacy of conversation with the attorney. If there are very good reasons for doing it, it can be accomplished. What you do not want to do is end up losing your home, which could happen in many different ways.
Real Estate Attorney
You can transfer title of your Maryland property to your children by recording a deed that gives them some or all of the ownership, depending on your preference. There is no Maryland transfer tax on a deed from parents to children. However, doing so may not be a good idea.
Once you deed the property out, you cant get it back without the consent of your children, if your needs or desires change. Also, there are gift and estate tax issues that may affect the transfer. For tax purposes, it is generally better to inherit real property than receive it as a gift during the donor's lifetime. This is a general statement and may depend on the particular case.
You should consult with a tax advisor before you make any changes.