redsebring
Junior Member
What is the name of your state (only U.S. law)? California.
Question : I am currently named as sole heir in my father's trust. Now he wants to add me to the house deed which is also in the trust. How will this affect us both?
Question Details : My father wants to add me to his house deed but I am already named as the only heir in his trust ( house in in the trust). I have the power of attorney for health and finance and he wants me to reapply for an equityline. the bank tells me despite the POA that I need to be on the deed to apply. How will this impact the current tax situation for us both ( property taxes,tax exemptions). And how would this affect the sale of the home after I inheirit it ( tax basis). Aditionally,how would the IRS,Medicare look at this action if my father has to enter a nursing home ( age 76 with health issues). My father does not understand finances and has difficulty sitting for any length of time. He would prefer I do the legwork and present him with my findings before taking action.
Re IRS/Medicare..my hope is that if I keep the adition of name forms followed by the equityline paperwork together I could blunt any allegations as to the intent of such a move.
As for the annual home exemption,I want my father to continue to have it. would I HAVE to claim half as my name would now be on the deed?
thank you all.
Question : I am currently named as sole heir in my father's trust. Now he wants to add me to the house deed which is also in the trust. How will this affect us both?
Question Details : My father wants to add me to his house deed but I am already named as the only heir in his trust ( house in in the trust). I have the power of attorney for health and finance and he wants me to reapply for an equityline. the bank tells me despite the POA that I need to be on the deed to apply. How will this impact the current tax situation for us both ( property taxes,tax exemptions). And how would this affect the sale of the home after I inheirit it ( tax basis). Aditionally,how would the IRS,Medicare look at this action if my father has to enter a nursing home ( age 76 with health issues). My father does not understand finances and has difficulty sitting for any length of time. He would prefer I do the legwork and present him with my findings before taking action.
Re IRS/Medicare..my hope is that if I keep the adition of name forms followed by the equityline paperwork together I could blunt any allegations as to the intent of such a move.
As for the annual home exemption,I want my father to continue to have it. would I HAVE to claim half as my name would now be on the deed?
thank you all.