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Old 07-01-2013, 11:15 PM
 
1 posts, read 861 times
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i want to know if i can make a payment on refinancing closing cost....i don't owe anything left in the house anymore it just im getting old and gonna retire.... i want to put my daughter name on the house and remove my name is it possible to make it in payment....
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Old 07-05-2013, 03:16 PM
 
Location: Phoenix, AZ > Raleigh, NC
14,352 posts, read 17,598,572 times
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I'm not sure I understand your question, but I will tell you this: You cannot just "put your daughter's name on the house and remove your name." That constitutes a taxable gift to your daughter. It also leaves you VERY exposed to whatever she and (possibly) her spouse decide they want to do with the house.

This is a very bad idea in every way, but if you insist on pursuing it, please see an attorney who specializes in estate planning. Why estate planning? Because the gift and estate tax laws are interconnected.
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Old 07-05-2013, 06:28 PM
 
17,546 posts, read 34,709,942 times
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Quote:
Originally Posted by Jkgourmet View Post
I'm not sure I understand your question, but I will tell you this: You cannot just "put your daughter's name on the house and remove your name." That constitutes a taxable gift to your daughter. It also leaves you VERY exposed to whatever she and (possibly) her spouse decide they want to do with the house.

This is a very bad idea in every way, but if you insist on pursuing it, please see an attorney who specializes in estate planning. Why estate planning? Because the gift and estate tax laws are interconnected.
Good advice. Your post is confusing, as you say you don't owe anything on the house, but are "refinancing". As for the tax and other implications, yes, the first "payment" you should make is to an attorney familiar with real estate, estate taxes, and living trusts, which might be another approach to what you want to do.
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