Legal

Ask a lawyer and get answers to your legal questions

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

I have a question regarding transfer of ownership of real…

I have a question...

I have a question regarding transfer of ownership of real estate in Minnesota.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Sure. Still in Minnesota.

Lawyer's Assistant: Has any paperwork been filed?

Yes.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

My parents put us four kids into title of their townhome 15 years ago. They continued to live in it as their primary residence. They are now selling. They want the four of us to split the proceeds. No liens or loans on the property.

Show More
Show Less
Ask Your Own Legal Question
Answered in 6 minutes by:
10/25/2017
LegalKnowledge
LegalKnowledge, Attorney
Category: Legal
Satisfied Customers: 32,393
Experience: 10+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
Verified

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Ask Your Own Legal Question

Good morning. So on title, it if the four of you AND them? There are six people on title?

Ask Your Own Legal Question

What is your question, regarding this, as well?

Ask Your Own Legal Question
Customer reply replied 8 months ago
They have always paid the loan, taxes and HOA fees. They purchased the property for $150,000. It will sell for $250,000. They are not in title to the property. I believe they quit claimed their interest to us four kids. They did this as part of estate planning years ago. They were trying to protect assets in case of needing to go to a nursing home. In Minnesota the state can go after transferred assets upto 7 years after the transfer. It has been well over the 7 years. The concern is for us four kids obligation regarding tax impact from the sale of the home.

An expert should be contacting you shortly. I am unable to accept your call request.

Ask Your Own Legal Question
Customer reply replied 8 months ago
payment was stopped by credit card company due to suspected fraud. How do i reprocess payment?

You can simply contact customer service and they will be able to help.

Ask Your Own Legal Question
Customer reply replied 8 months ago
I am supposed to just move forward with chat and not deal with the phone call.

I was not aware your question was about tax implications, so allow me to opt out so another expert can answer this. Please allow a few moments for them to respond.

Ask Your Own Legal Question
Customer reply replied 8 months ago
Am I still connected?
Michael Bradley
Category: Legal
Satisfied Customers: 1,517
Experience: Owner at The Protection Group LLC
Verified

I am another expert who can help you if you wish

Ask Your Own Legal Question
Customer reply replied 8 months ago
Ok. Do you see my notes?

I do

the mortgage was never transferred but the deed was putting into the 4 kids' names, correct?

Ask Your Own Legal Question

kids are looking to sell it?

Ask Your Own Legal Question

how much is coming from the sale approximately?

Ask Your Own Legal Question
Customer reply replied 8 months ago
Parents are moving to assisted living. They have assisted living insurance that will pay for their new place for a couple of years. They have plenty of monthly income to cover their expenses after the insurance runs its course. The sale will generate about $250,000 net.

so parents lived there, not kids

parents are selling but want to give proceeds to kids

we think deed names the kids and not parents

is that all correct

Ask Your Own Legal Question
Customer reply replied 8 months ago
Parents paid of the mortgage/note some time ago.

the first thing to figure out is if it is in the kids' name for sure

Ask Your Own Legal Question
Customer reply replied 8 months ago
It is.

did any of them use it as their primary residence

Ask Your Own Legal Question
Customer reply replied 8 months ago
no. as previously stated my parents used the home as their primary residence.

from what you have said, the parents have no tax ramifications that I see

the kids, that is a different story

Ask Your Own Legal Question
Customer reply replied 8 months ago
could we put our parents back into title of the property prior to closing?

you could and then they could gift the proceeds to each of you and it would be tax free to everyone

the potential issue could arise if they are in the retirement home, run out of money and the 7 years does not run

it would start over since the property would be back in their name

it is a risk, but a calculated one that may work out for you

Ask Your Own Legal Question
Customer reply replied 8 months ago
My parents have guaranteed monthly income from public pensions, social security and military pension of over $10k a month. They will always be able to pay the $4000 monthly assisted living expense after the long term care insurance runs its course.

if the 4 have losses that can offset the proceeds of the sale that would avoid the capital gains as well

the capital gains would be 15% if everyone is in the lower bracket

house sells for 250,000 lets say 225,000 after expenses divide by 4 is 56,250 capital gains 8,437.50 at 15%

Ask Your Own Legal Question
Customer reply replied 8 months ago
Plus, I believe, the proceeds would be taxed by the state of Minnesota as income because it would raise the adjusted gross income on the federal return.

if they can afford it then it is unlikely that they need state assistance so state can not grab anything

it may make sense to transfer it back prior to sale

they would then go to closing proceeds would be in their name and they can gift it to the 4 kids

otherwise the 4 would have to say that it was their primary 2 of the prior 5 years before the sale to avoid capital gains

stuff I assume they do not want to do

Ask Your Own Legal Question

you are correct about your last statement regarding state tax

Ask Your Own Legal Question
Customer reply replied 8 months ago
could the four kids just quit claim our interest back to our parents prior to selling the house? Then the parents could gift each child and spouse up to I believe $16,000 each in a year. Then after the new year gift the remaining equity to the children and their spouses.

for 2017 it is 14,000

for 2018 it is 15,000

Ask Your Own Legal Question
Customer reply replied 8 months ago
Is there any minimum time that the parents need to be back in title to the property prior to sale?

I would do it sooner rather than later

once it sells they can gift to the 4 kids, their spouses, grand kids as well, they can put it into a TAP529 educational account

Ask Your Own Legal Question
Customer reply replied 8 months ago
Well the sale will occur prior to the end of the year. Is that sufficient?

that is fine

do they have a realtor handling the transaction?

Ask Your Own Legal Question
Customer reply replied 8 months ago
a realtor will handle the sale.
Customer reply replied 8 months ago
I guess that is what I needed to know. I will tell my siblings to get quit claim deeds recorded asap to put the parents back into title prior to closing.

if the kids have signed with a realtor then the agreement would need to be redone with the parents

everyone should discuss this and be in agreement

Ask Your Own Legal Question

Good luck to you! You can come back here free of charge after I'm rated for a follow-up question.

Please let me know if there’s anything else I can help you with. That includes looking for lawyers. I’m happy to do so! I’m here most of the time (usually at night!) so you can always come back and talk to me (no extra charge) after I’m rated. If I’m not here, I will get an email if you leave me a question.

Please accept my answer, and please rate my answer as one of the top three faces/stars (5, 4 or 3 stars, 5 stars would be much appreciated as I ALWAYS strive to give you 5 star service!). This can be found AT THE TOP OF THE PAGE and then submit, as this is how I get credit for my time with you and with your question. I work hard to give you a thorough and honest answer. Please let me know if there is more that I can do to answer your question and if you need more information such as where to find lawyers. If not, I thank you for your rating. I can’t get credit for answering your question without your fair and honest rating. I have given you the benefit of my legal knowledge and 25 years of experience as well as my time. My statistics show that almost 100% of my customers here have been extremely satisfied with my answers as I am always truthful and thorough. The majority of my ratings, by far, have been 5s, which is extremely important to me.

Feel free to come back here for a follow-up question based on this one.
You're welcome to ask follow-up questions at any time, any day after I'm rated, free of charge.

We are not employees of Just Answer but are independent contractors, so your rating is very important to us so that we can be reimbursed for our work. Thank you! I'd rather be given the chance to add more information than be rated negatively, so I thank you for that.

If you want to ask for me specifically another time -- for a new question -- ask for "Michael Bradley ONLY" and I will get the question. Otherwise you can come right back into this room for follow-ups, free of charge.

Best of luck to you and thank you for letting me help you today! Thanks in advance for rating me!

I strive for 5 star service every time, so if there's anything else I can do to earn that, I'm happy to do so.

Michael Bradley
Category: Legal
Satisfied Customers: 1,517
Experience: Owner at The Protection Group LLC
Verified
Michael Bradley and 87 other Legal Specialists are ready to help you
Ask your own question now
Customer reply replied 8 months ago
ok. thanks.

thank you

good luck

Ask Your Own Legal Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Michael Bradley Your Own Question
Michael Bradley
Michael Bradley
Michael Bradley, Lawyer
Category: Legal
Satisfied Customers: 1,517
1,517 Satisfied Customers
Experience: Owner at The Protection Group LLC

Michael Bradley is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Ely

Ely

Counselor at Law

24,657 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

22,408 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

44,066 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo Senmartin

Guillermo Senmartin

Lawyer

300 satisfied customers

Principal Attorney at Guillermo J. Senmartin, P.A.

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

17,183 satisfied customers

Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.

< Previous | Next >

Related Legal Questions
I live in CT. My elderly father gave me his home which i
Hi, I live in CT. My elderly father gave me his home which i have lived in for 10 years with him . When he transferred the home to me he did as life usage for himself on the title. In the next year I … read more
LegalGems
LegalGems
Juris Doctorate
12,587 satisfied customers
50 yrold husband died. he had a citi morgage in his name and
50 yrold husband died. he had a citi morgage in his name and not mine. I've tried to settle this with them but they wont give information. I've sent the death certicate but they want papers from court… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,935 satisfied customers
I need an opinion on a family matter. This pertains to a family
I need an opinion on a family matter. This pertains to a family owned cabin in northern MN. The cabin was initially built by our grandparents. Through attrition it came down to two families with 3 per… read more
Ray
Ray
Lawyer
Doctoral Degree
33,378 satisfied customers
If a resident of NC, owns property in NC (3 adjoining parcels,
If a resident of NC, owns property in NC (3 adjoining parcels, one of which contains his primary residence) wants to sell one or two of the parcels, how would it affect him considering the following: … read more
Dimitry K., Esq.
Dimitry K., Esq.
Attorney
Doctoral Degree
17,183 satisfied customers
In case of a business foreclosure, would it affect personal
In case of a business foreclosure, would it affect personal credit? I have a situation where the business is at the risk of closure due to partner conflict. Both myself and my partner have signed pers… read more
Legalease
Legalease
Attorney At Law
Doctor of Law w/ highest honors
15,719 satisfied customers
If a real estate asset is title in the names of a living trust,
If a real estate asset is title in the names of a living trust, is it protected from personal liabilities regarding personal guartantees on commerical loans?… read more
David L
David L
Doctoral Degree
1,604 satisfied customers
I had two housemates for 15 years. Six years ago, they said
I had two housemates for 15 years. Six years ago, they said they wanted to share the costs of the household in exchange for me to quit claim to each of them 1/3 of the residence of which I did. Six mo… read more
Dimitry K., Esq.
Dimitry K., Esq.
Attorney
Doctoral Degree
17,183 satisfied customers
I loaned my father $6500 in 1990 for payment of back taxes
I loaned my father $6500 in 1990 for payment of back taxes on real estate he owned and took a secured demand promissory note against the property at an annual rate of 6%. The note was not recorded, bu… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,935 satisfied customers
Hello i am in California..My question is this , I have several
Hello i am in California..My question is this , I have several homes that have equity or are paid in full..Them being my good assetts..Now i have 2 homes that i am considering doing a 1) a shortsale o… read more
Ray
Ray
Lawyer
Doctoral Degree
33,378 satisfied customers
my mother and father moved to Round Rock Tx in 2001 to take
my mother and father moved to Round Rock Tx in 2001 to take care of my mothers mother. My grandmother. My grand mother was living in her home in round rock and lost her sight and gave permission to my… read more
Dave Kennett
Dave Kennett
Doctoral Degree
25,741 satisfied customers
My husband and I and both my parents are listed on the deed
My husband and I and both my parents are listed on the deed to our home where only my husband and I resided. My parents bought the house outright and we pay the note. The IRS filed a lien (not on the … read more
Ray
Ray
Lawyer
Doctoral Degree
33,378 satisfied customers
My wife abandond our marriage to live with someone else. We
My wife abandond our marriage to live with someone else. We are heading for divorce now. My wife and I purchased our primary residence during the marriage, but she is the sole owner of the house. Firs… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,935 satisfied customers
My husband is co-owner of property in another state. Its
My husband is co-owner of property in another state. It's been in the family for years, and his name was put on as part of the tradition. Our current home is mortgaged for $80k and is probably now wor… read more
BizMatters-law
BizMatters-law
J.D.
666 satisfied customers
My question is about back child support owed by my husband
My question is about back child support owed by my husband from a previous marriage, the child support goes way back to i believe to 1990. I meet him in 1995. Apprx. 5 yrs ago the state of texas start… read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,940 satisfied customers
My Father recently died in Minnesota, and left all his peronal
My Father recently died in Minnesota, and left all his peronal propery and car(no lean) to one sibling only. All cash/investments etc to be split between four kids. Does the sibling who recieved prope… read more
lwpat
lwpat
Doctoral Degree
256 satisfied customers
My mother in law died a year ago The house was left to her ...
My mother in law died a year ago The house was left to her 5 children(4 sister and 1 brother). They haven''t change the deed yet their deceased parent''s names are XXXXX XXXXX it . My husband is the e… read more
Guru_Guy
Guru_Guy
Doctoral Degree
1,634 satisfied customers
I sold a property in New Jersey privately ( no real estate ...
I sold a property in New Jersey privately =( no real estate agent involved). I am holding the mortgage ($5,000 down and $315 a month for 15 years). The buyer wants me to transfer the title to him. Is … read more
Guru_Guy
Guru_Guy
Doctoral Degree
1,634 satisfied customers
My sister, who recently passed away without a will, was ...
My sister, who recently passed away without a will, was living in a mobile home owned by my parents who have also both passed away. My parent''s will left this property to their four children but is s… read more
Dave Kennett
Dave Kennett
Doctoral Degree
25,741 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x