Expert: Dick Dennis - 8/4/2008

Question
QUESTION: My Dad is 80 yrs. old and very ill.  Two years ago I talked him into buying a house together, that way I could keep an eye on him and help him with any thing he needed help with.  When we got the loan for the house we ended up  going through the Veterans Association.  They would not let me have my name on the title, because I was not my Dad's spouse.  The realtor said that I could file for a quitclaim deed to get my name on the title.  I know that my Dad want's me to have the house.  So if I get a quitclaim deed will this solve my problems?  And if so how do I go about doing this?

ANSWER: Since the house is now in your dad's name, Christine, yes, he can give you a quit-claim title to the property. Be sure to record the value of the property for future IRS reference should you sell the property. Since the house has not likely gone up in value since he purchased it, you need not be concerned about you taking over with a stepped up value. To make sure you are doing this correctly, I recommend you consult with your tax expert. I wish you well.

Dick Dennis

---------- FOLLOW-UP ----------

QUESTION: Can he give it to me even if he is confused?  I am sure that if he can see where he needs to sign that he would, but since I am his Power of Attorney and personal advisor, will I get in trouble having him sign something in his state of mind?  Thank you for answering my questions so quickly!!  God bless you!!

Answer
Christine, what you don't want to happen is for someone in the future to say you took advantage of an old man (father or no) who could not understand what he was doing at the time. Therefore, what you must do is to find a good REAL ESTATE attorney (some attorneys don't know any more than you do) and let that person handle the conveyance of the property. With an attorney in the picture, it is very doubtful you will ever have any problem with your dad's property in the future. I wish you well.

Dick Dennis