Hello. I'm new to reddit. A friend said I should post my question on here.
I currently am paying a mortgage on my own home. My Mother is cash buying an investment property-- a small condo and wants to put my name down as a co-owner. Her rationale is that if she passes it will make asset transfer easier. She's only 65, so I assume she's got a couple more decades to go, at least, but the logic makes sense. She also owns another house that she wants to add my brother's name to. (so each kid is a co-owner of a property with Mom).
My questions are: -Does this have any tax implications for my brother and I? -Does this effect my homestead exemption in any way? -Other concerns to consider? My instinct is that she should be the sole owner but state how she wants to divide her property in her will (which she has yet to draft. Sigh. That's another issue. Getting her to even being thinking about a will has been a struggle.) Thanks.
Submitted April 27, 2017 at 10:25AM by terrifiedbunny http://ift.tt/2pD9iqU
