How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask P. Simmons Your Own Question
P. Simmons
P. Simmons, Attorney
Category: Legal
Satisfied Customers: 33465
Experience:  16 yrs. of trial experience
11181181
Type Your Legal Question Here...
P. Simmons is online now
A new question is answered every 9 seconds

Can I put my mom on my house deed as a 1 percent owner? for

Customer Question

Can I put my mom on my house deed as a 1 percent owner? for the purpose of having a 2-family senior residence.
is there a minimum percentage of ownwership? when you want to put somebody on a deed?
Submitted: 1 year ago.
Category: Legal
Expert:  P. Simmons replied 1 year ago.
Hi, My name is Philip. I am an attorney with over 16 years experience. Hopefully I can help you with your legal question.
Can you tell me which state this is in please?
Customer: replied 1 year ago.
Nassau County, New York
Customer: replied 1 year ago.
my house is a mother/daughter. Hempstead Town gave me the option of converting the house to a 2-family Seenior-residence since my mom lives with me. I have to put her on the deed though.This move i found out can affect her medicare/medicaid benefits (loose). I'm thinking that the less percentage ownwrship she has , the less her medicaid benefits would be affected.
somebody at the building dept said that I could put her as a small percentage owner. That is why I wanted to know what is the smallest percentage owner I could make her.
Pierre
Expert:  P. Simmons replied 1 year ago.
Thank you.
You can do this. That is, New York law allows tenants in common on property with ownership interests stated on the deed.
For example, it is possible for a property to have two or more owners with their respective ownership listed on the deed.
Now, it is important to understand that once you make this transfer is considered a gift in non-revocable. The recipient of this gift would have the same ownership rights as you. And they could transfer those rights to another.
Also, if the value of this gift exceeds $13,000 you would owe a tax based on the US gift tax.
However, to answer the question, can you give your mother a 1% interest in the home that you own? The answer is yes.
1% would be the smallest percentage you could award.
Please let me know if you have more questions. Happy to help if I can.
Customer: replied 1 year ago.
Thanks
Expert:  P. Simmons replied 1 year ago.
Welcome
Gentle reminder to please rate the answer so I may get credit for my work.
Phil