Signing over house....?

[amagab]

My in-laws have a house in Kaneohe that they want to sign over to my wife and her sister. Does anyone know what needs to be done to do this? What is the process? Also, are there any taxes that must be paid......inheritance tax, or any other taxes????

[Cnecki]

Re: Signing over house....?

OOh, need a professional. have one if ya want. lots of questions need to be asked like is it paid off, are you selling, is it in default. Quick dead quickist, no penalty if you dont sell right now. only costs, 500.00 usually for trasaction fee, here is a loan officer i used Wonderful!!!!!! Susie Bass Home Loans of America 780-2871 Much Love and Good Luck

[pzarquon]

Re: Signing over house....?

I don't know the details, but I do know it's complicated. I know lots of people "gift" homes to kids simply to reduce their assets in order to qualify for other senior-directed benefits, but it still shifts tax issues around quite a bit for everyone involved. (Yes, there will be taxes involved, even if the house isn't "sold".) You can't throw a rock in this town without hitting a realtor, though, so finding a professional won't be hard. Just talk to your homeowning friends, and proceed with caution!

[Miulang]

Re: Signing over house....?

I don't know the details, but I do know it's complicated. I know lots of people "gift" homes to kids simply to reduce their assets in order to qualify for other senior-directed benefits, but it still shifts tax issues around quite a bit for everyone involved. (Yes, there will be taxes involved, even if the house isn't "sold".) You can't throw a rock in this town without hitting a realtor, though, so finding a professional won't be hard. Just talk to your homeowning friends, and proceed with caution!

I'd also talk with an attorney who specializes in estates (wills) and/or a tax accountant.

I know on Mau'i, there's no real tax burden until the house is actually sold. But then, kupunas also get a property tax break (my parents own a second house in Kula and my dad says he only pays about $900 a year taxes on it, even though it's probably worth more than $700,000. He put it in trust for my family so until we sell it, we're not liable for the sales tax.

Miulang

[Linkmeister]

Re: Signing over house....?

There's probably a conveyance fee, too. Find a pro soonest. I'd Google Hawaii real estate lawyers, or (here's a concept) check the phone book under "real estate" and look for lawyers in there.