Springfield, Huhne, Attorney discussed on The Dave Ramsey Show

Automatic TRANSCRIPT

In Springfield, Illinois. Hi, Michelle. How're you doing? Great, Dave. Thank you. Are you better than I deserve what's up. Well, my question is my dad wanted to put my name on his his property, his home. He doesn't own anything on Huhne's outright as a security. Anything ever happened to him. I would just take position of house and my husband and I are wanting to buy a house next year. And I'm wondering if having my name attached to his property is going to affect anything I want to do when we live just out of state. No. Unless unless he didn't pay his property taxes. Okay, which he does that he, he'd it. I don't have to worry about that, but if he didn't see now you're one of the owners and if you don't pay the property taxes, you're liable, right? You're in a partnership now with your dad. Well, the other question is he he's wanting, he's he's got the house up for sale. Actually. He's trying to move and he is wanting. The problem is, is that he's trying to get a VA loan for the house he wants to buy, and he wants to take his name off the property to where now mine I'm the sole name on this property and that won't affect VA loan one way or the other. You can't do. It connects me stuff. He's doing. He's just making up crap. He has no idea what he's doing. He's going to create a disaster in his own life and in your life. He needs to stop this. Okay. Let me let me try to explain it to you. Okay. He's hitting anytime on individual gives another individual even your own children more than fourteen thousand dollars a year. It's subject to gift tax. So I can't just give you a house. If I just hand you house about his, you know, d. two house to you randomly, whether I'm your dad or not, it's subject to a fifty five percent gift tax of the value that house. So he's going to get his. He's going to get hammered by the IRS if they find him doing all these quick claim deed moves that he's doing and it doesn't. It's not the right thing to do for estate planning anyway, for state planning, you're better off to receive the house through a will. Then you are by having your name on it because of stepped up basis. Okay. And only go back now if they're going to do the tax gift tax thing. It's the law. They're going to the gift tax thing. He has not seen any financial planners. He's not got a tax attorney. He just making this up. I can tell. So he's not done it right. So this the transaction needed to start with is subject to gift tax because he screwed it up. Then he puts it over in your name, the rest of the way it's going to be subject genn for the other half that he didn't give you before, and it's not you that's going to get hammered. It's him, but it's at a tax rate of fifty five percent of your this house. So you need to stop this crappy. You can't just make up your own laws. Yeah. Needs to out until his house tells. Yeah, so so nobody finds his name on your name on the stupid thing and don't put your name on anything else again, because it's stupid. He needs to go get an estate planning attorney and get a will done properly. Okay. So number one is gift tax problem. There is a way to give you a house. It's called a unified state tax credit, but you have to do a filing on this and I'll guarantee you Bubba, who's making his own laws, didn't do this filing. I don't want the house or needed. He..

Coming up next