There are certain things a person may be rather concerned about in their elderly years. One is what will ultimately happen with the real estate that they have. There are many different types of real estate a person could have: a family home, a condo, a vacation home, an investment property, etc.
Pieces of real estate can be valuable things on multiple levels. First, they can have a lot of monetary value. Also, they can sometimes have considerable emotional value connected to them. For example, if a home or other property has been in a family for a long time, there may be many fond memories and important pieces of family history attached to it.
Given how valuable, in many senses, real estate can be, it is not at all uncommon for elderly individuals to have a strong desire to ensure that the real estate property that they have stays in the family and ends up going to their family members.
Another big desire an elderly individual may have regarding their property is that it not trigger estate tax liability when they pass away that would cause assets that they wanted to have go to family and loved ones instead go to the government.
These two desires are among the things that sometimes lead seniors to consider making deed transfers of real estate they have to family members.
It is very important to be careful and thoughtful when considering and performing deed transfers of real estate property. While deed transfers can, when used correctly, be a helpful estate planning tool, careless deed transfers can end up causing problems for elderly individuals and their families rather than solving them. Thus, seeking out legal help can be wise when thinking about doing a deed transfer.
Our firm knows the benefits and limitations deed transfers can have when it comes to estate planning and understands the many complex aspects of properly handling a deed transfer. We can help individuals understand if deed transfers would be able to help them achieve their goals when it comes to the property they have and can assist individuals who decide they want to do such a transfer with the process of making such a transfer.