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.
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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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.
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After reviewing all the answers-I think the biggest concerns would be the gift tax concerns and the
medicaid planning concerns.
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