Home Purchase

[Rus]

My wife and I would like to purchase a home for our daughter in the $120,000 range, in Illinois. This would be a cash deal. We would like to put our daughter's name on the deed as the sole owner. Are there IRS considerations for her or us? Would a joint tenant arrangement be better? Or some kind of trust?

Thank you.

 

[Tracey]

IL has some significant probate fees, so staying out of probate is a good thing. You can do this with a living trust, a gift, or joint tenancy (and other ways).

If you can afford to buy a 120k house with cash, your estate is "significant" and you should go see an estate planning lawyer. S/he will look at your entire situation and make recommendations based on the size and complexity of your estate, tax laws, what you want to do, etc.


Tracey

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.