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Question to Real Estate/Finance Experts...

J

jinduy

Diamond Member
she just wants to add me and my little bro to the title...

she bought teh house about 2-3 years ago in southern cali... she's still paying mortgage and of course she doesn't expect us to pay it...

anyone know what risks there may be for me? i know only one person can claim property tax, so my mom will pay that... how bout if for some funny reason she loses her job and cant pay the bills? anything else i need to think about? Thanks.
 
so if something ever happened the ownership of the house would default to me i guess instead of the government (apparently i dont know much about this stuff)
 
You need to talk to an attorney or well qualified financial planner. I remember something about it being a bad idea but I don't quite remember atm. I know a couple professors who do know the answer, but can't really ask them until monday. As for transferring ownership upon death, a will can take care of that. There are quite a few estate planning things to look at though, one major thing being taxes. This gets too involved for a forum post, seek a professional.
 
Originally posted by: everman
You need to talk to an attorney or well qualified financial planner. I remember something about it being a bad idea but I don't quite remember atm. I know a couple professors who do know the answer, but can't really ask them until monday. As for transferring ownership upon death, a will can take care of that. There are quite a few estate planning things to look at though, one major thing being taxes. This gets too involved for a forum post, seek a professional.
Click to expand...

ah i figured... thanks 🙂
 
Originally posted by: everman
You need to talk to an attorney or well qualified financial planner. I remember something about it being a bad idea but I don't quite remember atm. I know a couple professors who do know the answer, but can't really ask them until monday. As for transferring ownership upon death, a will can take care of that. There are quite a few estate planning things to look at though, one major thing being taxes. This gets too involved for a forum post, seek a professional.
Click to expand...

In short, yes.
 
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