HOme Inheritance

What is the name of your state (only U.S. law)? NY - Kings County

Thanks for the prompt response on my inheritance question posted yesterday. (My 24 year old son inherited a home form his Dad and the attorney who drew up the will advised against changing the deed to my son's name 'any time soon' as the mortgage company could ask for the entire mortgage to be paid immediately.

Based on the responses, I'm going to the county court house and start the process to change the deed into my sons name. Would this be a QCD?

A few other inquiries....

I want to put my name on the deed also. Although my son is an adult, he recently became unemployed and has a short term credit history. With my name on the deed, my excellent - long term credit history can be used to negotiate a new lower interest rate. Or would/should I just co-sign the loan? Also, God forbid he predeceases me, the house would automatically pass to me with my name on the deed up-front.

There are arreas owed on past utiliies for the home. Once the deed is changed can we begin paying utilities from that point or is my son liable for the arreas on utilities. He does not live there now and there are no tenants.

What about possible other debt - medical, credit cards- if any can that be written off?

First, you should keep all questions on the same subject in one thread. Otherwise, people have trouble figuring out who said what to whom.

Second.....

...I'm going to the county court house and start the process to change the deed into my sons name. Would this be a QCD?..

I want to put my name on the deed also.

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Wait a minute. How do you have the authority to change the deed (even if only to your son's name)? Has his Dad's estate been probated?

Putting your name on the deed is your son's decision. And it would be considered a gift to you, with any tax consequences that ensue.

There are arreas owed on past utiliies for the home. Once the deed is changed can we begin paying utilities from that point or is my son liable for the arreas on utilities. He does not live there now and there are no tenants.

What about possible other debt - medical, credit cards- if any can that be written off?

Click to expand...

It sounds to me like you are rushing to jump off a cliff. Dad's estate is responsible for paying Dad's outstanding liabilities from the assets in Dad's estate. The asets presumably include this property. If it is necessary to sell the property to pay Dad's legitimate creditors, then, well, that's what has to be done. Unless your son is willing to pay Dad's creditors himself in order to inherit the property.