My Brother and I bought a retirement home in Florida for our dad a few months ago. In order to make our dad feel inclusive, we added his name to the title. The home ownership title has my name, brother's name and Dad's name.
We now discussed it further and would like to remove our dad's name from the title. We only want my brothers' name and my name. How do we amend the home title ownership. Do we need a lawyer or is this an act of congress?? Please advise.
And yes, we do have our dad's explicit consent to remove his name. We are also doing this to pre emptively avoid any liens on the property that may arise from any future debts that he may incur related to any hospital related unpaid medical bills etc.
If your father is listed as an owner, then you would need his consent to remove his ownership rights. You cannot simply remove him from the Deed without his consent. Assuming that he consents to the transfer, then he simply needs to record a deed transferring his ownership in the property to you and your brother.
I would, however, advise that you retain an attorney to at least review your current situation and any relevant documents to ensure that there are no complications that arise, whether based on taxation, ownership, or otherwise.
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You can't simply remove your Dad's name, without his consent. I suggest you meet with an estate planning attorney or real estate attorney in your area. He or she can assist you with the transfer, if your Dad agrees.
Family Law Attorney
It's not an act of Congress. In fact, the actual transfer is pretty simple and can sometimes be accomplished with all of you signing a quit-claim deed. But there are other issues, like taxes, homestead exemption, etc. You should talk to a lawyer, and especially mention that one of the reasons you want to do this is because of your father's possible liability. Sometimes, just taking something out of a person's name doesn't protect the asset because the transfer can be seen as fraudulent.
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Estate Planning Attorney
I agree with the other attorneys, but would caution that there may be federal gift issues involved in both the purchase of the home and any subsequent change of ownership. Gift tax returns may be required.
All of my colleagues have given good advice here on the actual transfer of interest in the home. However, there are additional concerns to be aware of. How old is your father? Is he currently healthy? I ask because if he transfers his interest and two months from now is in need of nursing home care, such a transfer can act to bar him from qualifying (for a period of time) for Medicaid benefits that might otherwise may have been available to him. Likewise, the value of the home can also be considered an asset under those circumstances. Make sure to seek the advice of an attorney that is knowledgeable in the area of Medicaid benefits and how to properly structure the transfer. The actual transfer of interest is the easy part - navigating Medicaid eligibility is where it gets interesting.
Carol Johnson Law Firm, P.A. : (727) 647-6645 : firstname.lastname@example.org : Wills, Trusts, Real Property, Probate, Special Needs: Information provided here is anecdotal and should not be relied upon or considered legal advice. Every matter is different and answers given here are general in nature and may not reflect current Florida law at the time you are reading this posting. Please contact me if you feel you need additional assistance with your matter.
After reviewing all the answers-I think the biggest concerns would be the gift tax concerns and the
medicaid planning concerns.
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.