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Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
0

Title Issue

How do I add my father to the title to my house?  He is going to be staying with us and is retired and I hear that I can get some type of exemption for him being a senior citizen and all.  Is this true?
Moderator Emeritus
HappyDays
Posts: 7,326
Registered: ‎06-18-2007
0

Re: Title Issue



myhearts07 wrote:
How do I add my father to the title to my house?  He is going to be staying with us and is retired and I hear that I can get some type of exemption for him being a senior citizen and all.  Is this true?


I haven't heard of an exemptions (federal)  you might want to check with your state.
 
If im wrong about FED. I want to know!
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
0

Re: Title Issue

This may be more state than federal. This is more for tax purposes I can claim him and get an exemption on my tax bill.  IF this is true, I hear that I could get as much as $3k off my taxes. I need all I can get.
Moderator Emeritus
HappyDays
Posts: 7,326
Registered: ‎06-18-2007
0

Re: Title Issue



myhearts07 wrote:
This may be more state than federal. This is more for tax purposes I can claim him and get an exemption on my tax bill.  IF this is true, I hear that I could get as much as $3k off my taxes. I need all I can get.



Many states have different laws dealing with seniors...before you do anything check with your state & be sure that you understand completely what the law says.I live in a small town that has a senior center with a phone #. OMG they are full of info.
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
0

Re: Title Issue

Will do.
New Visitor
mackbubba78
Posts: 2
Registered: ‎08-21-2007
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Re: Title Issue

you should check with your state AND county.  Most counties will give an exemption to senior owners of real property.  Additionally, your state (CA in my case) may give a rebate yearly (if applied for).  Again, for CA you should check with the Franchise Tax Board (or whomever you pay your state taxes to) for the County you can call the Assessor's office for you particular county.  You should ask if they look at how the senior person hold title.  You may only be able to convey all of your interest to your parent.  If that is not the case for your area you should check to see if you can still get the exemption AND rebate even if you reserve unto your parent a Life Estate.  That would be best in the case of an elderly parent because there would never be any problem upon the death of the person because at the establishment of record of that persons death their interest is extinguished entirely and it is generally considered less that "fee title", which is what you hodl to your property.
Contributor
cgmiller63
Posts: 139
Registered: ‎08-04-2007
0

Re: Title Issue

A word of caution, I don’t know if your dad is on Medicare, but should you dad get ill, become hospitalized, and God forbid, passes away.  Medicare can come after the estate for reimbursement of the medical bills.  If your dad is on title to your house, your house will be part of the estate.

Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
0

Re: Title Issue

Didn't know that, thanks for letting me know.
Contributor
cgmiller63
Posts: 139
Registered: ‎08-04-2007
0

Re: Title Issue

We found out Medicare secrets when my father got ill.  Because he had some money in the bank (his retirement fund) Medicare refused to cover the bills.  It was a mess.  Luckily the house was in my brother’s name.

New Visitor
mackbubba78
Posts: 2
Registered: ‎08-21-2007
0

Re: Title Issue

If you conveyed a Life Estate to your father there should be no one would could attach his estate as it is less than fee title if and when he would pass he interest would be extinguished automatically.

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