Giving property to grandchild while married

[elane4645]

My father wants to transfer ownership of a home he owns solely to his grandchild. He does not live in the home, he is the only one on the deed and loan. What document/s should his new wife sign to waive all rights to this property should he die?

 

[PayrollHRGuy]

What state?

 

[elane4645]

Illinois

 

[xylene]

Once the gift is complete, the spouse will not have any claim on the house when he dies.

Once the gift is complete the grandchild is free to sell the home

Unless this a very modest house, he will have to report this gift, though unless it is a very significant house no gift tax will be owed.

If something other than this is deiseired, there is not a simple document that one can sign.

 

[adjusterjack]

My father wants to transfer ownership of a home he owns solely to his grandchild. He does not live in the home, he is the only one on the deed and loan. What document/s should his new wife sign to waive all rights to this property should he die?

Are you messing with us?

See:

https://forum.freeadvice.com/threads/what-document-s-should-i-sign-to-waive-my-rights-to-inherit-a-home-my-wife-owns-not-our-home.649387/#post-3574898

 

[elane4645]

Absolutely not. I'm trying to get a solution from different viewpoints. Plus I didn't know which subject to ask under. The question is the same in both posts but I am trying to keep the issue as specific as possible

 

[Just Blue]

Absolutely not. I'm trying to get a solution from different viewpoints. Plus I didn't know which subject to ask under. The question is the same in both posts but I am trying to keep the issue as specific as possible

sigh...so you are lying.

 

[justalayman]

Absolutely not. I'm trying to get a solution from different viewpoints. Plus I didn't know which subject to ask under. The question is the same in both posts but I am trying to keep the issue as specific as possible

But the perspective matters


Anyway, regardless of anything else, one cannot deny all rights to a property prior to the time where it would be applicable. In other words; disclaiming all rights now does not affect future rights and if we are speaking of a spouse, spousal rights, or the claim to them, accrue continually

The spouse can execute a quit claim deed today but marital interest will begin to accrue immediately after the deed is delivered. What the spouse does is if at the time of death they have any claim to any interest at that time, they would have to disclaim their interest.


Other than transferring it prior to death or using a transfer on death vehicle, there is always the issue of the possible claims of the spouse

 

[HRZ]

a completed gift now might be tax unwise as to basis the grandchild gets in home

 

[Just Blue]

a completed gift now might be tax unwise as to basis the grandchild gets in home

Huh? Could you perhaps rephrase that?

 

[HRZ]

If GS inherits the home he gets full step up to current market as his basis .

If GS is gifted the home he gets GFs old perhaps much lower basis for the home .It could be quite low if this I'd a depreciated rental

 

[LdiJ]

If GS inherits the home he gets full step up to current market as his basis .

If GS is gifted the home he gets GFs old perhaps much lower basis for the home .It could be quite low if this I'd a depreciated rental

This is true, however, its possible that the grandchild is living in the home and making the mortgage payments, therefore making the home his primary residence, which would change things to an extent.

The OP has deliberately chosen not to share the real details of the matter, therefore we are answering questions in a vacuum and the OP is not getting as good of advice as we could give.