Son's New Home.
susie53_gw
7 years ago
last modified: 7 years ago
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waiting for son to get home
Comments (26)He has told me a bunch of what they were doing, he is most always very truthful. They were at the boy who was driving house. His mom was there and she was the special ed teacher from Jr High and remembered my son/name, he has a older brother that has "rain man" memory on roads and giving directions. I know one of the girls. I guess when they were leaving Perkins (restaurant)they were being goofy and were dancing around in the parking lot. Someone thought they were drunk and called police and they were pulled over about 1 minute after pulling out of parking lot. I guess that really scared them (good!)Police asked for all(5 kids) of their id's and he checked all of them. Checked car for any alcohol, questioned driver. I feel better, wasn't getting into trouble but he has lost use of the truck for a while. Had a good talk with him. Since this is new to him I really need to be more clear about my expectation, for kids like my son I can't assume, but do need to understand to an extent his confusion.... but he doesn't get off the hook no matter what. He was almost in tears when we told him we were disappointed about this situation....See MoreGiving a home to a son
Comments (9)You need a lawyer, and perhaps an accountant, to explain that it may have unexpected, negative financial consequences for both of you. You and he may lose valuable tax advantages. You may incur taxes on the gift depending on the valuation. If you have other children they may need to be involved for the sake of family commity. What you are doing is not wrong, it's just that the real estate tax system is set-up to offer advantage to other means of inter-generational transfer. You'd be foregoing a very generous the one called stepped-up basis. Another very important thing to consider is that if you give your house away to your son and then later need publicly-funded assistance (MedicAID) to pay for nursing home costs, you may be ineligble for that aid because you transferred an asset without payment to someone wothin your family. They could expect your son to repay the "value" of that lost asset before you could recieve aid. The look-back period is either 3 or 5 years, I belive. However, if after you explore these issues with a profesional, you can still choose to go ahead. You will need to draw (or copy out if there is a standard form in your state) a deed. You may or may not owe transfer taxes, even if you are just gving it to him. You will have to file a form with the IRS, and depending on circumstances pay some income taxes on the value. I am assuming you owe no mortgage on the property. It is unlikely that you could transfer your interest and have your child take any debt. It's likely the mortgage would have to be paid off and new one orginated uin your child's name, and based on his own income and credit scores. For all these reasons, I go back to my first advice: hiree a lawyer or accountant and get the facts as they pertain to you and your property and situation. The mechanics will be easy once you understand the ramifications of what you propose. Consultation with an attorney should cost no more than a few hundred dollars ($100-400), and if you decide to go ahead, for that a fee a simple deed could be drawn up as they are quite standard. HTH L....See MoreThen and now
Comments (2)marciab, we gutted our condo in 2010. Most of the materials I used then would cost at least 1/3 more than it cost us back in 2010. We are in a building boom again, so it's costing a lot more....See MoreLooking for information
Comments (16)I appreciate all the help!! It seems to be a bird's head...but it's all very indistinct. I have never seen a heavy St. Francis so gave up on him...it appears/assumed to be a rosary around him as well as the usual friars robe ties. It is a Franciscan cross in front of him...was this St. Fiacre in the Franciscan order? I will have to do some looking. It's very primitive. Son bought the house this fall, he's the second owner, the house is only 10 years old. Fargo ND...not really spooks ville USA. Is this any clearer? I agree it's very frightening. It was sort of a gag gift for my daughter. We cut a shrub down in her side yard this fall and I told her a statue would be perfect for the space. She threated to leave this with me...but ended up taking it with her. She's going to sneak it into a bff's yard!! I think this will become a roving monk. I see the previous owners also left a head statue in the side yard....I think they had unusual taste....See Moremaddielee
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