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I want to transfer my house to my sons effective at my death. How do I do that?
State/Country of Question: Arkansas Already Tried: Bella Vista Ar. There are no tax liens at this time but the state is after me for back taxes and are setting me up on a payment plan. I am in hospice and have been planning to transfer this house to my boys but just hadnt gotten it done yet. I dont want the state tax dept to take my house from my boys for the 6000 in taxes due. Thank You for your help with this.
Hello,
Would you like to avoid probate?
yes I would
Hi,
I am sorry to hear about your current situation. My thoughts and prayers are with you and your family at what must be a very difficult time for you.
I believe that a joint ownership with a right of survivorship would be the best thing to do in your situation. This is a transfer where you would make the decision to share the ownership of property with your boys while you are still alive and then at your death, the surviving joint owners (your sons) will become equal owners of the property.
During the lifetime of the joint owners, their rights to the use of the jointly-owned property are dependent on the intent of the property owners when the joint ownership interest was created. In the case of a house, you would have to specify in an addendum that you will have sole use the the property until you pass, and then your sons would have equal use of the property.
Joint ownership with a right of survivorship, ensures that the property will not have to be tied up in probate for months before anyone can use it or do anything else with it. As far as your back taxes, as long as a lien is not placed ion the home before your death, the IRS will not be able to do so after your death. However, if you have any other assets that your family ends up having to open an estate up for, then the IRS is going to be able to collect against the estate. If an estate is not opened, they will just be out of luck. But either way, the house would be safe.
Thank you for your answer it is a tremendous help. Will I be able to get a form to do this on line or will I need to have it drawn up locally?
You really need to have this drawn up locally because of all the factors involved at this time. You want to make sure that everything is in order because otherwise, your house remains open to creditors after you pass. The small price you will pay now to have a local real estate attorney do this for you will be worth so much more in the long run. You can find local real estate attorneys by using this site: www.martindale.com.
If you have any more question with regard to this issue, please let me know and I will be happy to continue helping you. Also, please don't forget to accept one of my answers so I can receive the proper credit for helping you today. Thank you!
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