Taking over the parents house

Sitkaspruce

Sitkaspruce

Well-Known Member
Dad pasted 9 years ago, mom is 81 and still lives on her own.

However, she wants to put the house in my name but it seems that she is getting the run around from a bunch of people. Government, lawyers and others are telling her about taxes, the transfer, land title, etc. The title is free and all she wants to do is put my name on the title.

Is there an easy way to do this? Suggestions on doing this? Is there any issues on dong this?

Thanks all

Cheers

SS
 
I had a similar situation a few years back. For estate purposes we had our lawyer put both of us on title as joint tenants. If she passes first the house is all mine and the same for her if I go first.
Was easy to do.
 
My mother transfered her house with clear title to me. She had her lawyer provide a property
transfer contract, we both signed it and it was done. As it was a gift, there was no taxes, and it
was about 450.00 fee for that. I believe a Notary can do this as well, we found a lawyer was cheaper
though.
 
Last edited:
Breakineven said:
My mother transfered her house with clear title to me. She had her lawyer provide a property
transfer contract, we both signed it and it was done. As it was a gift, there was no taxes, and it
was about 450.00 fee for that. I believe a Notary can do this as well, we found a lawyer was cheaper
though.
Click to expand...
so i assume if the house still had a
mortgage it wouldn’t be so easy? gonna be going thru this soon
 
There are some risks involved with doing this kind of thing, people should be aware of. For example if your in accident and get sued your mom could lose her house as the court will consider it your asset. When my Mom passed away we where advised ced not to do this for that reason. Just make sure her will is up to date
 
Striper Sniper said:
I had a similar situation a few years back. For estate purposes we had our lawyer put both of us on title as joint tenants. If she passes first the house is all mine and the same for her if I go first.
Was easy to do.
Click to expand...
this is the way to do it as long as there is not a will that says different. or greedy others...
 
Good advice all, Thanks

I found this great site.

Shared Ownership of Property - Seniors First BC

seniorsfirstbc.ca seniorsfirstbc.ca

Will get her to talk to her lawyer and get things set up. Will chat with the bank about the accounts. She is still spry; drives, walks the dog, gardens etc. But she is also 81, has a bad heart and her sight is getting weaker. So we want to make sure we get everything set up right. She has the car and other stuff going to my sister and she just redid her will.

(on another note, have had the Telus you one something green page website jump on here 4 times will typing this.......hope it gets fixed)

Cheers

SS
 
Captain PartyMarty said:
There are some risks involved with doing this kind of thing, people should be aware of. For example if your in accident and get sued your mom could lose her house as the court will consider it your asset. When my Mom passed away we where advised ced not to do this for that reason. Just make sure her will is up to date
Click to expand...
Good Advice Capt,
Also, #1 again in the case of a subsequent devorce after the signing of the transfer and before Moms passing (geees I hate how this always pops up with assets involved but it does) which I'm sure could be circumvented with an agreement between the married parties prior to the transfer , just talk to a lawyer .
#2 ) Banruptcy of one of the added title holders, not so much Moms since it was her house before but whoever was added after and if Mom is still alive , the trustee would tax the property ( obtain a court order for the debt due and and even forcesale) and Mom would have to pay or sell and move. Ugly.
 
My advice: Hire a lawyer who's expert in taxes, estate planning, and real estate laws.

On her lawyer's advice, our mom put her property into a "trust", I believe it was called, naming myself, my siblings, and her, on that document. I believe this trust thing was to avoid future complications and costs (including taxes), when the property was sold, or when mom died. I have no idea how this sort of thing works, because I am hopeless with complicated finance, legalities, taxes, accounting, etc. Even though one of my siblings is a lawyer, and another a financial expert, our family hired an independent lawyer to do all this. I believe that lawyer specialized in both estate and tax law. There may also have been an accountant consulted. I don't recall what the financial effects were on me when mom died, but I recall the property was not involved in our inheritance or anything. But when we sold the property a few years later, my lawyer sister and finance brother, as well as my tax accountant, all assured me that this trust thing saved me five figures in taxes. That was 10 to 15 years ago. These days, with the insane prices of real estate, I bet my tax savings would have been into 6 figures.
 
I had a friend that died in his 60s, had no wife and no family and owned his house.

left it alll to my other friend. He had life insurance woth no beneficiary and other things that got paid out when he died.

I did not know this but apprently you have to file the dead’s income tax.

well his rrsp got paid out, life insurance, everything sat in probaite for over 18 months.

hundreds of thousands got paid to the taxman and my friend in the end ended up with a house and like 5k.

the lawyer that they paid to handle everything said they could of saved thousands if he made a few arrangements before he died. He did have a will and an ext but apprently there was lots of other things he could of done that would of saved thousands.
 
Birdbrain said:
My advice: Hire a lawyer who's expert in taxes, estate planning, and real estate laws.

On her lawyer's advice, our mom put her property into a "trust", I believe it was called, naming myself, my siblings, and her, on that document. I believe this trust thing was to avoid future complications and costs (including taxes), when the property was sold, or when mom died. I have no idea how this sort of thing works, because I am hopeless with complicated finance, legalities, taxes, accounting, etc. Even though one of my siblings is a lawyer, and another a financial expert, our family hired an independent lawyer to do all this. I believe that lawyer specialized in both estate and tax law. There may also have been an accountant consulted. I don't recall what the financial effects were on me when mom died, but I recall the property was not involved in our inheritance or anything. But when we sold the property a few years later, my lawyer sister and finance brother, as well as my tax accountant, all assured me that this trust thing saved me five figures in taxes. That was 10 to 15 years ago. These days, with the insane prices of real estate, I bet my tax savings would have been into 6 figures.
Click to expand...
This sounds like a Joint Spousal Trust. They are often used for couples over 65. With the added benefit that they will avoid probate.

The only real advice that should be given is to consult with an estate planner. They do this stuff all day. Will have a cost but will be done correctly.
 
I went on title with my Dad, Mom had passed already. My original home went to my ex a few years before....

RRSP's got transferred to siblings, bank accounts etc had both me and my sister names on it.

Their vehicle I had a signed transfer form and "gifting" letter filled out.

Had a lawyer do the land transfer.

Waited on the next tax year, had an accountant do the rest of the paperwork and was done, very simple when it is kept in the family.
 
leaseman said:
I went on title with my Dad, Mom had passed already. My original home went to my ex a few years before....

RRSP's got transferred to siblings, bank accounts etc had both me and my sister names on it.

Their vehicle I had a signed transfer form and "gifting" letter filled out.

Had a lawyer do the land transfer.

Waited on the next tax year, had an accountant do the rest of the paperwork and was done, very simple when it is kept in the family.
Click to expand...
I wonder if you would incur Capital gain tax on the value prior to your Dads passing if you sell?
 
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