Tag: Transfer on Death Deed
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Should My Spouse Add Me to the Deed?
Congratulations on your marriage! One of the many questions you might have about your life ahead is whether to go onto your life partner’s home deed. While we can’t provide personalized advice, we’re glad to offer a set of considerations for anyone asking this question. Follow up with your financial adviser on the points you…
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New in New York: Transfer on Death Deeds
In July 2024, the brand-new Transfer on Death Deed Law went into effect in New York State. Residents are now free to create and record a transfer on death deed (also known as the TODD or TOD deed). If you know who you’re leaving your home to, and that person doesn’t already hold rights of…
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Effective July 1, 2024: New Requirements for Transfer on Death Deeds in Indiana
Starting July 1, 2024, all Indiana counties will implement new requirements for the Transfer on Death Deed (TODD). This legislative update mandates specific procedures and introduces the option of a $10 parcel fee for endorsements by county auditors. The changes are guided by the Indiana Code (IC), particularly IC 32-17-14-26 and IC 36-2-11-14. This article…
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Added to a Deed: What Are the Tax Consequences?
It’s a common question. You’re going to be added onto someone’s deed. Will you have to declare your new homeownership to the IRS? An acquisition of real estate is not considered income. But being named on a deed could still implicate taxes. Let’s explore why.
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I Deeded My Property to Someone Else. Can I Revoke My Gift?
Giver’s regret isn’t unusual. A desire to void the gift of a home after transferring the deed could happen for various reasons. Perhaps you recovered from a serious illness and could really use that home after all. Or maybe your tax expert told you that letting someone wait to inherit your home would be better…
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Using a Quitclaim Deed: What Are the Drawbacks?
A quitclaim deed is a simple form that transfers a piece of real estate from one person to another. Any homeowner can fill out a quitclaim deed with their name and the name of the recipient, and the property’s existing legal description, sign it in front of a notary and record the document. That effectively…
