Family member wants to bequeath house...easier to be on title?
Hey all,
Let's consider a scenario: An older family member is moving to town and buying a house. This person will put a significant portion (50%) down, so there will be plenty of equity in the property. This family member would like to pass the house to a specific individual, and not split it up amongst many children and grandchildren.
She is willing to include this individual's name on the title--but would carry the loan alone--if this would make it an easier transition and to obviate any death taxes. Does anyone know if this is beneficial or will the tax dogs come attacking regardless?
Aside from taxes, is there anything else the individual should know about the transition. Should the individual assume the loan or would a refi be necessary?