Add a child to your house ... and lose your house.

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[Dreameress]

My Grandma and I have a joint tenancy with Rights of Survivorship. It's a gift to me in exchange for promising to never put her in a nursing home and for handling all household management and service providers. She's too old to take care of the house and bills on her own, and we both live in the house together. Honestly, I believe it's what is right. Families should stick together and take care of each other.

[wiseforce]

You know ridiculous laws with the homes that we buy and pass on to our family after we've worked hard for it AND paid our taxes.... they're just way too much in the hands ""others"". Our home is OUR homes., we sweat it for it, we purchased it with our own hard earned money and we should not have to go through all this crap! We have to do something to change these "laws"

[kh]

They make it complicated on purpose so you need a professional. It’s a system of wealth distribution and control. They change the rules often to confuse people.

[go]

Why can’t the government just let people do as they wish with their homes.

[TheVeggiekat]

Woman I work with, her parents did the add their son (her brother) to their house since he lived with them. Then, he died before his parents. Suddenly the brother’s estranged wife, who no one had seen in about 5 years, popped up and wanted her inheritance. Probate court supported her claim and she was granted half of the parent’s house. My co-worker is scrambling with her parents to find a way to reasonably buy her out but she wants the property sold and to get half that way since it’ll be a lot more money than co-worker can afford. It’s looking like the parents are going to lose their home and won’t be able to buy anything comparable since they’re only getting half the proceeds. Plus, even if they could get a new mortgage for a new house they’re losing a paid off house they’ve lived in since the 1960’s.

[sandrafreeman]

Have a transfer on death deed drawn up. It should work in most, if not all, states, but check with a local attorney to be certain.

[ourv]

My Grandmother & my wifes Grandmother both made the same mistake.
Both Grandmothers willed their home to all 3 kids. And in both case, one
of the kids tried to aquire the home for themselves & screw thier siblings
out of thier share. Both cases had to go to court and in both case both of
the preciding judges ruled that both homes had to be sold & the proceeds
be distributed equally amongst the 3. DUH. Common sense would tell us
that.

!

[onenikkione]

In our case, our daughter lives in the house, is on the mortgage, and she makes 1/2 of the house payment. Different than each example he discussed.

[Marynicole]

What if the child lives with the owner? So it’s the primary residence of both joint owners.

[widehotep]

Only seven states plus D.C. have 100% homestead exemptions (these prevent liens and forcing you to sell your home to pay creditors). All other states have smaller homestead exemptions, like Wisconsin's $75, 000 exemption.

[jimb]

People you better start speaking out before we are all standing in bread lines

[tisa]

I have my home in a trust. As long as I'm alive I can do what I want to. Rent it sell it whatever. But if I pass away and I still own the home it goes directly to my child without probate... And it becomes effective the day of death... That is something to consider also

[russs]

Like I’ve said, the government is your worst enemy.

[galaxiedance]

Good video. I'm in Canada but still.. it opened my eyes to how many issues there can be. Thank you!

[langreeves]

What are the better options
If I have to go into a nursing home and I haven't given my house to my daughter yet.Then my state will steal the house when I die to pay outstanding fees for nursing home.
You have to give the house to someone five years before you end up in a nursing home.
I hope I don't end up with dementia like my father but it is partially hereditary.

[HeavenlyLights]

0:46 Homestead Protection against creditors.

[flyingdead]

And this is why i told the courts to piss of when they wanted me for jurry duty these laws do nothing but punish the average legal citezen and it sickens me .

[robertdale]

Government has no place in home ownership. This country has gone insane.

[leobear]

I have listened to many videos on this subject. You gave much more comprehensive and important information than any of the other law firms have provided. Thanks such.

[bobjacobson]

This reminds of when my father wanted to give me some of the stock my parents had received some 50 years earlier. I was told that this was a very poor idea, because if I wanted to sell the stock, I would be hit by taxes on the appreciation over half a century--but if I inherited it instead, I would only have to pay taxes on any appreciation between my parents' death and when I sold it. We chose the latter route, and although my mother died during the stock market "dip" during the COVID period during spring of 2020 (although not from COVID herself), and I had to pay taxes on the gain after the stock regained what it had lost--but still much less than it would have been if it had gifted/transferred earlier. As for their house, we just sold it to their next-door neighbor--a very simple process.