transferring title of real estate

[Kenney]

When we changed our Deed, our Lawyer recommended I sell half the land to my child, for $1.00, so technically, I didn't "give" the land away. Right of Survivorship will change Ownership to single owner eventually.

[maud gonne]

Kenney: That sounds like a simpler (and cheaper) solution. My only question: Would the $1.00 "price" for half the property influence the county's assessed value? Some counties consider the most recent selling price when assessing. You might get a much lower assessment (and taxes) but might not be able to sell it, if you (or your chid) went that route, for nearly as much as it was originally valued at if the assessed value was much lower...

[leilaniguy]

I wouldn't worry about that too much, there are properties that are valued for just a a few thousand dollars that sell for hundreds of thousands. Actual value is the only important consideration.

[HereOnThePrimalEdge]

You might get a much lower assessment (and taxes) but might not be able to sell it...

The assessed value is for tax purposes only. It has nothing to do with the previous sale price, at least here in Hawaii County. If you put your home up for sale, a buyer would make an offer, and the bank will have it appraised so they're sure any loan isn't for more than the property's actual value, based partially on comparisons with recent sales in the neighborhood.

If I know what I shall find, I do not want to find it. Uncertainty is the salt of life. - biochemist Erwin Chargaff

[Bullwinkle]

I am no lawyer ....I do remember being told by one to be careful adding some one to title. liability or debts they incur could ultimately come back to haunt me as their interest in my property would be their assets not mine

[Kenney]

Mg , short answer, I don't know. I haven't noted any change in assessed value. Pretty much same as neighbor's (land). House assessed at less than neighbor's but that's bc my house is not fancy, simply legal, small and functional.

Bull wrinkle, the reason I changed the deed is bc I was really sick and was afraid my medical costs would force me to sell the land . Didn't want to leave my kid homeless . Added kid to deed so MY bills/debts couldn't force sale of entire land.
I was told at the time that the Deed change wouldn't protect me for 2 years, as it could be reversed. I think they want to make sure you aren't just changing the Deed to protect your assets from debtors.
I was really relieved when I survived those 2 years and Deed change was cemented.

[kalakoa]

The assessed value is for tax purposes only.

Property taxes are 70% of the County budget, so it's safe to assume that the "assessed" "value" will never go "down".

[JimHAPuna]

Thought of putting my niece on title but an internet search shows a lot of reasons why this may go wrong. I think you're right that trust is probably the best bet.

[Mimosa]

We had HOSPICE of Hilo help us for a small donation.
We are getting up there in age and instead of doing the transfer upon our deaths - we chose this way instead of a lawyer.
We also had HOSPICE help us with a medical directive for both myself and my husband .
Any person over age 60 should consider making a personal medical directive and also transferring property into whom ever will inherit the properties and homes instead of probate .
Just our suggestions as far as options we all must face as we seem to be in our sunset phase of life .

Mrs.Mimosa