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Quit claim deed vs. transfer on death deed

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cjcpoabpm

Junior Member
What is the name of your state (only U.S. law)? Wisconsin

I am looking for advice on the pros and cons of transferring the real estate property of my 82 year old father. It is a condo worth approximately $105K for which he still holds a mortgage of about $50K. Other assets limited to less than $10K. He does receive VA disability income (hearing loss) and social security as his only income. My mother is deceased as of three years ago.

One sibling believes we should have him gift it to us and establish a living trust. I believe her goal is to shield his assets from potential future nursing home/medical expenses. Although he is diabetic, and has frequent insulin reactions, he is otherwise active and in pretty good health.

I just read about transfer on death deeds, and think this might be a better option. I'm just looking to simplify and expedite legal matters after his death, hoping to avoid probate.

He'll do anything we advise him too. I already have his durable POA.

I do plan to seek professional counsel but am just trying to learn a little before I go.

Any advice. Pros and cons?
 



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