Results 1 to 10 of 10
  1. #1
    Join Date
    Jan 2020
    Posts
    3

    Default Transferring Ownership from Grandmother (While Remaining a Resident)

    My question involves real estate located in the State of: Indiana


    My grandmother and grandfather’s names are currently listed as owners. My grandfather passed away 7 years ago, and my grandmother may be going to a nursing home or hospice care within the next few weeks/months.

    It is a unanimous decision amongst the family that the house and property should belong to me. There is an estimated $10k remaining on the mortgage.

    I would like to know what options are available to make this transfer as quickly as possible. I will have to get a loan to pay off the remaining debt, and I do qualify for First Time Buyers credit.

    If more details are needed, I will respond within a day of reading your comments.

    Thanks,

    E. Adkins

  2. #2
    Join Date
    Mar 2013
    Posts
    17,503

    Default Re: Transferring Ownership from Grandmother (While Remaining a Resident)

    Quote Quoting Eadkins
    View Post


    It is a unanimous decision amongst the family that the house and property should belong to me.
    Meaningless. What does your grandmother have to say about it? Is she mentally competent enough to understand that she owns property and that she is giving it to you? If not then somebody needs to apply to the court for conservatorship or guardianship, whichever is appropriate in your state to allow control of her assets. That person cannot be you because you cannot financially benefit from the assets of someone over whom you are conservator or guardian.

    Quote Quoting Eadkins
    View Post

    I would like to know what options are available to make this transfer as quickly as possible.
    If she is mentally competent it could be as easy as having her sign a quitclaim deed over to you, though a general warranty deed is probably better. And you should have your financing in place for the escrow as you are actually buying the property for the $10,000 balance.

    Now, answer the question about her mental competence.

    It would be a good idea to talk to a lawyer about the process.

  3. #3
    Join Date
    Sep 2010
    Posts
    19,430

    Default Re: Transferring Ownership from Grandmother (While Remaining a Resident)

    However, such a transfer (even if your grandmother wants you to eventually have the house), may be ill-advised. Such a transfer could disqualify her from Medicaid assistance for her nursing care. It also may have adverse tax issues for you. If she wants to allow you to live there until she passes, she can do that without an ownership transfer.

  4. #4
    Join Date
    Oct 2006
    Posts
    15,935

    Default Re: Transferring Ownership from Grandmother (While Remaining a Resident)

    Quote Quoting flyingron
    View Post
    However, such a transfer (even if your grandmother wants you to eventually have the house), may be ill-advised. Such a transfer could disqualify her from Medicaid assistance for her nursing care. It also may have adverse tax issues for you. If she wants to allow you to live there until she passes, she can do that without an ownership transfer.
    There is one possibility:

    Caregiver Exemption
    In most cases, the home cannot be transferred to an adult child without jeopardizing one’s eligibility for Medicaid. (Medicaid has a look back period that if one is found to have violated by gifting assets or selling them for less than they are worth, a period of Medicaid ineligibility will result). However, there is one exception known as the caregiver child exemption or caretaker child exception. This rule allows a parent to transfer his/her home to his/her adult child under the following circumstances without violating the look back period. First, the adult child must have lived with his/her parent at least two years prior to the parent moving to a nursing home or assisted living facility paid for by Medicaid. (Please note that it is care services Medicaid pays for in assisted living, not room and board). Second, the adult child must have provided care that delayed the necessity of the parent moving out of the home and into a nursing home.
    I don't know if it will work for a grandchild, however.

  5. #5
    Join Date
    Jul 2018
    Posts
    1,985

    Default Re: Transferring Ownership from Grandmother (While Remaining a Resident)

    Quote Quoting Eadkins
    View Post
    My grandmother and grandfather’s names are currently listed as owners. My grandfather passed away 7 years ago, and my grandmother may be going to a nursing home or hospice care within the next few weeks/months.
    Let's start here. What is the manner in which your grandparents hold joint title? The deed should say something like, "Joe and Jane Smith, as joint tenants" or "Joe and Jane Smith, as tenants by the entirety."

    When your grandfather dies seven years ago, was his estate probated?


    Quote Quoting Eadkins
    View Post
    It is a unanimous decision amongst the family that the house and property should belong to me.
    That's all well and good, but "the family" doesn't get a say in the matter. Assuming that your grandmother now owns the house, only she gets to decide. Also, when you say that the property "should belong to" you, does that mean she wants you to own it now or to inherit it when she dies?


    Quote Quoting Eadkins
    View Post
    I would like to know what options are available to make this transfer as quickly as possible.
    If she so desires, your grandmother is free to transfer her interest to you at any time.

  6. #6
    Join Date
    Sep 2010
    Posts
    19,430

    Default Re: Transferring Ownership from Grandmother (While Remaining a Resident)

    Indiana presumes survivorship with married couples unless they specifically state that the intent is tenancy in common. So, just saying John and Mary Doe on the deed does create joint tenancy with survivorship.

  7. #7
    Join Date
    Mar 2013
    Posts
    17,503

    Default Re: Transferring Ownership from Grandmother (While Remaining a Resident)

    Which brings us back to grandmother deciding what to do with the property and the "family" having nothing to do with it.

  8. #8
    Join Date
    Jan 2020
    Posts
    3

    Default Re: Transferring Ownership from Grandmother (While Remaining a Resident)

    She does desire for me to take ownership, through inheritance or otherwise. I moved in with her recently with the agreement that it will be my home while she is living there and during whatever stage life holds for her next. It has been her wish for me to take ownership since I was a child.

    As far as her mental state, she has no diagnosis that would cause her to be mentally incompetent, though that may change due to this morning’s diagnosis of brain cancer. My aunt should have Power of Attorney papers filed placing her as POA over my grandma.

    Thank you all for you responses; there are a lot of items given for me to research. If there is more information needed, I will do what I can to provide.

    (The mortage has a new estimated remaining balance of $3k)

  9. #9
    Join Date
    Mar 2013
    Posts
    17,503

    Default Re: Transferring Ownership from Grandmother (While Remaining a Resident)

    As far as her mental state, she has no diagnosis that would cause her to be mentally incompetent, though that may change due to this morning’s diagnosis of brain cancer.
    Not necessarily. But it's something that should be evaluated ASAP.

    there are a lot of items given for me to research.
    Here's one more. I don't know why I didn't think of it earlier. It's called a Transfer on Death Deed. Read about it in Indiana statute 32-17-14:

    https://law.justia.com/codes/indiana...17/chapter-14/

  10. #10
    Join Date
    Jan 2020
    Posts
    3

    Default Re: Transferring Ownership from Grandmother (While Remaining a Resident)

    The rabbit hole of research, beginning with the Quitclaim, led me to discover the TOD Deed, which seems to be the best option. We will be discussing with a local attorney, but I find attorneys much easier to deal with if I have prior knowledge to the situation at hand.

    Thank you so very much for your time and for this wonderful bunch of advice!

    1. Sponsored Links
       

Similar Threads

  1. Transferring Title: Transferring Ownership of a Vehicle
    By lawaholic in forum Vehicle Registration and Title
    Replies: 2
    Last Post: 08-04-2012, 09:41 AM
  2. Registering a Vehicle: Transferring Ownership and Registering a Car
    By Thomas2500k in forum Vehicle Registration and Title
    Replies: 3
    Last Post: 05-10-2012, 12:53 PM
  3. Co-Ownership: Co-Ownership - Grandmother and Me
    By Arky_Rj in forum Real Estate Ownership and Title
    Replies: 2
    Last Post: 11-11-2010, 12:57 PM
  4. Transferring Ownership Without Title
    By r0sh in forum Vehicle Registration and Title
    Replies: 3
    Last Post: 01-30-2009, 08:58 PM
  5. Deeds - Quitclaim: Transferring Ownership Without Grantee's Knowledge
    By EdC in forum Real Estate Ownership and Title
    Replies: 2
    Last Post: 06-01-2007, 03:01 PM
 
 
Sponsored Links

Legal Help, Information and Resources