JoeFerguson Posted August 27, 2008 Share Posted August 27, 2008 Three people have their name on the title of a house: 1. A mother 2. The son 3. The daughter The mother dies. What happens to the title, is it owned by (A) The estate of the mother, the son, and the daughter or (B) The son and the daughter I do not know if the three way joint ownership was originally classified as one with "right to survivorship" or otherwise. What I can say is that the online property parcel listing and the Property Tax bill both only list two owners (son and daughter). Link to comment Share on other sites More sharing options...
/dev/null Posted August 27, 2008 Share Posted August 27, 2008 I do not know if the three way joint ownership was originally classified as one with "right to survivorship" or otherwise. Not knowing that information and asking who owns the house is like not knowing who is playing in the Super Bowl and asking how many TDs Peyton Manning threw Link to comment Share on other sites More sharing options...
bills44 Posted August 27, 2008 Share Posted August 27, 2008 Three people have their name on the title of a house: 1. A mother 2. The son 3. The daughter The mother dies. What happens to the title, is it owned by (A) The estate of the mother, the son, and the daughter or (B) The son and the daughter I do not know if the three way joint ownership was originally classified as one with "right to survivorship" or otherwise. What I can say is that the online property parcel listing and the Property Tax bill both only list two owners (son and daughter). If title was held as joint tenants (or if the mother was a Life Tenant), then (B). If not, then (A). Link to comment Share on other sites More sharing options...
JoeFerguson Posted August 27, 2008 Author Share Posted August 27, 2008 If title was held as joint tenants (or if the mother was a Life Tenant), then (B). If not, then (A). How would I find out how the title is held? Link to comment Share on other sites More sharing options...
Chef Jim Posted August 27, 2008 Share Posted August 27, 2008 If joint tenants in common mom's third goes to her estate and possible probate. If it's rights of survivorship mom's third goes to the kids as mentioned above. But it's more complicated than that. When mom put the kids on the home it was, in essence a gift subject to gift tax or a reduction of mom's exlusion at her death. But the real kicker is that when mom put them on the title the value (divided by three) is the cost basis for each kid. So at mom's death they don't get a full step up and could face cap gains if they sell at her death. That is why real estate needs to be held in trust. Avoids probate and the kids get a full step up in cost basis at the death of the last parent. Link to comment Share on other sites More sharing options...
bills44 Posted August 27, 2008 Share Posted August 27, 2008 How would I find out how the title is held? PM me the address and I can let you know. Link to comment Share on other sites More sharing options...
JoeFerguson Posted August 27, 2008 Author Share Posted August 27, 2008 PM me the address and I can let you know. Why don't you just tell me how I can look it up myself. Link to comment Share on other sites More sharing options...
JoeFerguson Posted August 27, 2008 Author Share Posted August 27, 2008 If joint tenants in common mom's third goes to her estate and possible probate. If it's rights of survivorship mom's third goes to the kids as mentioned above. But it's more complicated than that. When mom put the kids on the home it was, in essence a gift subject to gift tax or a reduction of mom's exlusion at her death. But the real kicker is that when mom put them on the title the value (divided by three) is the cost basis for each kid. So at mom's death they don't get a full step up and could face cap gains if they sell at her death. That is why real estate needs to be held in trust. Avoids probate and the kids get a full step up in cost basis at the death of the last parent. I should have clarified how son and daughter are on the title. Original title holders are: Mom and Dad. Mom and Dad divorce: Dad gives his 1/2 interest in property to son and daughter. Does this mean son and daughter only own 25% each of interest in property? Link to comment Share on other sites More sharing options...
bills44 Posted August 27, 2008 Share Posted August 27, 2008 Why don't you just tell me how I can look it up myself. Go to the County Clerk's Office (for whichever County the property is located) and ask for a copy of the Deed. I take it that the property is in NYS? Link to comment Share on other sites More sharing options...
/dev/null Posted August 27, 2008 Share Posted August 27, 2008 I should have clarified how son and daughter are on the title. Original title holders are: Mom and Dad. Mom and Dad divorce: Dad gives his 1/2 interest in property to son and daughter. Does this mean son and daughter only own 25% each of interest in property? Yes Does the Will state who gets her share of the house? Link to comment Share on other sites More sharing options...
Arkady Renko Posted August 27, 2008 Share Posted August 27, 2008 Based on your clarification, my bet was that the mother and father held the house as tenants by entirety (basically joint tenants for married folks). Then they partitioned it at the divorce, so that the two children and the mother would hold as tenants in common (without rights of survivorship), the mother holding 1/2, and the children holding 1/4 each. Therefore, the mother's 1/2 share goes through probate either through a will or through the law of intestacy (we would have to know more about who her relatives were to figure that one out). But it's hard to be sure without seeing all the relevant papers. And blah, blah, talk to a lawyer. Link to comment Share on other sites More sharing options...
Chef Jim Posted August 27, 2008 Share Posted August 27, 2008 Is mom still alive and what is your relationship in this? Are you buying the property? Link to comment Share on other sites More sharing options...
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