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In 1995, my parents purchased a home for and allowed me to live there. Over the years, my parents gifted of the house to each of us (my children and me) for a total . After the appropriate value had changed hands through these gifts, my parents’ name came off the title. My children were still minors.
A friend told me that I could be in trouble with the kids on there because kids get in trouble and their portion of my house could go. As the kids turned 18, I explained the situation, and they all agreed to sign a quitclaim deed. I was told that there would be a lot of taxes due, as this would then become a gift from the kids to me. property valuation sydney companies is performed for looking over house cost and to update house cost and by uprightness of that it is basic for us to do a redesign handle in case we have to manufacture our home cost.
Property Valuations Sydney When my mother heard about this she was outraged. She said that she wanted the children’s names to stay on the house. I’m just concerned that kids are kids and I could lose a portion of my home. My mother says an umbrella policy would cover me. What do you think? — J.P.
DEAR J.P.: I don’t know why your mother is bent out of shape. I know the house was given to them, but, unless she feels that you’ll go off and remarry and give their portion to your new spouse, I can’t imagine where her concerns lie. It is not solved with just an umbrella policy. They could get into some serious trouble where not even an umbrella policy would be enough protection.
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