Dear Len & Rosie, In May 2003, afore a above operation, my aged mother active a quitclaim accomplishment giving me her home. My brother and his two sons empiric her signing the deed. Afterwards the operation, I was ill for several weeks. My mother survived the operation and alternate home. She was actual ill and we took affliction of her at home until she died a year later. In the interim, none of us remembered to accept the accomplishment notarized. Is there a way to get this accomplishment accustomed so that it can be recorded?
It is accessible to notarize and almanac the deed. It is not all-important for a agent accessible to accept witnessed your mother’s signature on the accomplishment above-mentioned to notarizing it. A agent who alone knows you can use a altered acceptance form, alleged a “proof of beheading by a subscribing witness.” Instead of your mother cogent the agent that she active the deed, your brother or one of his sons can do it for her.
But you may be bigger off not recording the accomplishment at all. Sure, recording the accomplishment in your name will abstain probate. However, your mother’s acreage will not accept a addition in its amount base if the home was accustomed to you as a allowance during her lifetime. You would again own the home at its accepted amount basis, which is assuredly actual low. If you were to advertise the property, again basic assets tax would be due. Between federal and accompaniment taxes, you could pay as abundant as 23 percent of the access in the amount of the home back your mother bought it.
If, however, you accede your mother’s home as a aftereffect of her death, the amount base of the home shall be the home’s amount on your mother’s date of death. If you anytime advertise the home, you will accept to pay basic assets tax on alone the access in amount of your mother’s home afterwards her date of death. You could save bags of dollars of basic assets tax by probating your mother’s estate.
Of course, if you are never, ever, activity to advertise the home you don’t accept to anguish about basic assets tax and you may as able-bodied notarize and almanac the deed. But if you do this, your buying of your mother’s home will be captivated earnest to basic assets tax. Someday you may change your apperception and appetite to advertise the home. On that day, you’ll affliction extenuative money by recording this accomplishment to abstain probate.
Len Tillem and Rosie McNichol can be accomplished at 846 Broadway, Sonoma, CA 95476; phone, 996-4505; or on the Internet at www.lentillem.com.
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