Thanks Karen. I live on the East side of Wichita and this comes at a good time as I am looking at 78th birthday this year. Only have one person left in family now and that is who would be transferring to and he lives in north Seattle.
Bad Advice!!!!!! Don't make any changes to a property deed without having an attorney explain all the consequences that can occur in your state including property taxes. In Florida there is a limitation on any increase to appraised values of houses to 3% per year. This is to save people from being taxed out of their houses. As a result, after a few years the homeowner is being taxed on an appraisal which is much less than the fair market value. When the home is sold or transferred then the property tax appraisal is raised to the then current fair market value. My friend's father died which had no effect on his mother's property tax bill on the family home, i.e.surviving spouse. The mother however, without consulting an attorney, added her sister's name to the deed as co-owner so that upon the mother's death the property would go to her sister - hence avoid probate.😮 This action created a new deed, which triggered a reappraisal of the house for purposes of property tax value. The property taxes on the house went from $1,500 to $6,000 a year. Her actions were pretty stupid without consulting an attorney to review all the ramifications of filing anything in the property records with regard to one's property.
@@kimbuck-2 I would say speak to an attorney on that. That is beyond the scope of this video. with my limited knowledge in this area a transfer on death deed can be done when you close on a house…just so u can assign a beneficiary. I’m not saying it’s the end all be all as I’m sure issues arise. It really doesn’t have much to do with the will or a trust. I would do a Will and or trust for sure!!! But again this is a much bigger subject. Talk to an estate planner and attorney.
Thank you for the helpful info. Can you comment on whether the transfer on death deed would revise the property value to the current market price, or does it remain what it was at time of purchase (like being joint tenants)?
It would be the current market price. For example if your left it to your child who lives in another state and they wanted to sell it, they would hire a realtor to sell it at current market price. Does that help?
Thanks Karen. I live on the East side of Wichita and this comes at a good time as I am looking at 78th birthday this year. Only have one person left in family now and that is who would be transferring to and he lives in north Seattle.
Bad Advice!!!!!! Don't make any changes to a property deed without having an attorney explain all the consequences that can occur in your state including property taxes.
In Florida there is a limitation on any increase to appraised values of houses to 3% per year. This is to save people from being taxed out of their houses. As a result, after a few years the homeowner is being taxed on an appraisal which is much less than the fair market value. When the home is sold or transferred then the property tax appraisal is raised to the then current fair market value.
My friend's father died which had no effect on his mother's property tax bill on the family home, i.e.surviving spouse. The mother however, without consulting an attorney, added her sister's name to the deed as co-owner so that upon the mother's death the property would go to her sister - hence avoid probate.😮
This action created a new deed, which triggered a reappraisal of the house for purposes of property tax value. The property taxes on the house went from $1,500 to $6,000 a year. Her actions were pretty stupid without consulting an attorney to review all the ramifications of filing anything in the property records with regard to one's property.
This video is about recommending homeowners get a transfer on death deed created so it hopefully avoids probate. And at minimal cost.
@@kimbuck-2 I would say speak to an attorney on that. That is beyond the scope of this video. with my limited knowledge in this area a transfer on death deed can be done when you close on a house…just so u can assign a beneficiary. I’m not saying it’s the end all be all as I’m sure issues arise.
It really doesn’t have much to do with the will or a trust. I would do a Will and or trust for sure!!! But again this is a much bigger subject. Talk to an estate planner and attorney.
Super information. We live in Arizona and where do we go to discover whether TOD is legal here?
Ask a local title company.
Thank you for the helpful info. Can you comment on whether the transfer on death deed would revise the property value to the current market price, or does it remain what it was at time of purchase (like being joint tenants)?
It would be the current market price. For example if your left it to your child who lives in another state and they wanted to sell it, they would hire a realtor to sell it at current market price. Does that help?
@@karenwright Yes, Thank you so much. That's a definite plus.
You talk too fast
You can slow the playback speed down in you tube. Set it to .75