THE LARGEST BMW 2-SERIES FORUM ON THE PLANET
2Addicts
2Addicts
BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read
2Addicts | BMW 2-Series forum BIMMERPOST Universal Forums Off-Topic Discussions Board Transfering Home Ownership

Post Reply
 
Thread Tools Search this Thread
      01-31-2020, 10:50 AM   #1
hl0m4n
Major General
hl0m4n's Avatar
United_States
2145
Rep
5,623
Posts

Drives: BMW
Join Date: Nov 2006
Location: NY

iTrader: (58)

Arrow Transfering Home Ownership

gauging general knowledge before speaking to an estate lawyer.

my parents have 2 properties (new york):

primary house: paid off. what is the best way to transfer title to son incurring the least amount of fees/charges?

rental house: 8 years remaining on mortgage. same question on best way to transfer to son? also, any specific tax breaks, etc if withdrawing entire 401k and dumping it on on home?
__________________
Cars: 07 335i ► 08 328i ► 11 328xi ► 13 M3 ► 17 M4 ► 14 M6
Appreciate 0
      01-31-2020, 11:15 AM   #2
kscarrol
Brigadier General
kscarrol's Avatar
United_States
8776
Rep
4,105
Posts

Drives: 2021 X3 M40i, 1974 2002 Tii
Join Date: Jun 2010
Location: Greenville, SC

iTrader: (0)

Best to talk to a professional (which I am not!) but each parent can "gift" something like $11 million so it should be as simple as paying fees to transfer the title. At least at the federal level... I have no doubt New York state and likely the county and local folks will want their cut!! I assume NY has a death/inheritance tax.
__________________
2021 X3 M40i
1974 2002tii, Inka, 5 sp manual
BMWCCA # 327475
Appreciate 0
      01-31-2020, 11:38 AM   #3
chassis
Colonel
chassis's Avatar
6374
Rep
2,283
Posts

Drives: 9Y0 Cayenne S
Join Date: Mar 2019
Location: Einbahnstraße

iTrader: (0)

Garage List
Call a title company. They register the deeds (proof of ownership) with the local government, generally the county.

For the second scenario, if the debt is not being extinguished by the existing debtor, the new debtor likely will need to apply and qualify. Best to call the holder of the current debt instrument.

Real estate counsel is also good to engage.
Appreciate 0
      01-31-2020, 01:08 PM   #4
upstatedoc
I'll get back to you
upstatedoc's Avatar
7556
Rep
2,132
Posts

Drives: blue streak
Join Date: Dec 2009
Location: not downstate

iTrader: (2)

i'll take one
__________________
2018 Stinger GT
2009 E90 N51 /Active Autowerke Stage 2 tune/BMW Performance Exhaust/
Countermeasure enthusiast.
Appreciate 0
      02-03-2020, 11:08 AM   #5
UncleWede
Long Time Admirer, First Time Owner
UncleWede's Avatar
United_States
17874
Rep
9,376
Posts

Drives: G01 X3 M40i Dark Graphite
Join Date: Jun 2005
Location: Oxnard, CA

iTrader: (0)

Consider Living Trust. No transfer taxes upon death of parents, son is the tertiary trustee and just assumes the primary role upon parents' death. Then son can add his heirs on continue the cycle.
Appreciate 2
vreihen1614886.50
      02-04-2020, 03:29 AM   #6
eluded
2JZ-GTE
eluded's Avatar
Bulgaria
2959
Rep
3,948
Posts

Drives: 340 6MT, 50e, others
Join Date: Nov 2015
Location: Sofia

iTrader: (0)

You should encourage those parents to donate the estates to charity. Giving real estate to children just encourages entitlement.
Appreciate 1
vreihen1614886.50
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 01:27 PM.




2addicts
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST