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Barrister
Barrister, Lawyer
Category: Family Law
Satisfied Customers: 33724
Experience:  Attorney with 15 years experience
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Ny state law regarding transferring property to children

Customer Question

ny state law regarding transferring property to children over 18 with and without a mortgage
ny state law regarding Inheritance of property to children over 18 with and without a mortgage
Submitted: 9 months ago.
Category: Family Law
Expert:  Barrister replied 9 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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Can you narrow down your comments a bit so as to define a couple actual questions? The two topics you mention could fill a book with information.

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If you have specific questions it will help me to get you an answer much faster..

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thanks

Barrister

Customer: replied 9 months ago.
My son is 22 and I would like to know the most cost effective way to leave him my property. I am interested in creating a will. I am interesting in finding out how to address this with a mortgage and without.
Expert:  Barrister replied 9 months ago.

Ok, first off, the mortgage won't affect the situation one way or the other. Under federal law a lender can't call in a mortgage is someone inherits a property with it and they can continue to pay it until paid off or they refinance in their name. If the property is gifted with a mortgage, the lender could potentially exercise any "due on transfer" clause and call the loan in, but I have never seen this done in 15 years of real estate law as long as someone was paying the mortgage. The bank doesn't care whose name the property is in, as it always stands a collateral for the loan. They just want someone to pay them.

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As for state law, the only rules are that it must be done by a deed, to an adult over 18, properly executed and notarized.

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If you wanted to leave the property to him via a will, then as long as the value doesn't exceed $5.45 million, there are no federal estate taxes If it is under $3.125 million, there is no NY state estate tax either.

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So with a mortgage or without, it wouldn't affect leaving him the property via a will.

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thanks

Barrister

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