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House in spouses name only

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woodguy00

Guest
My elderly parents in IOWA have an issue. Their house and one vehicle is in my mother's name only. There are also a number of investments in just her name. They have a will with a pass-thru trust. Mom has cancer and will likely pass on in the next few months. Should the ownership of these assets be changed to joint ownership or put into a trust now. Would adding my Dad's name to the titles cause a taxable event ? Any other issues Dad should be concerned about ?
 


ALawyer

Senior Member
In part it depends on the value of the house and the value of the total estate, and the wishes of your parents. Putting the house into joint title or a living trust for your father would avoid probate and costs thereof.

A consultation with an estate planning lawyer is inexpensive and should pay for itself many times over.
 

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