House was deeded to one heir, the other wants her "share". Any advice?

Follow
Share

My father deeded the house over to meso that it would not be part of the estate. My sibling had POA to handle the bills and bank account; needless to say my father died completely broke and in debt due to being a co-signer on loans and credit cards had been run up after my father fell ill.

Now that my father has passed and the house has been sold, my sibling is demanding 1/2 of the money. The money is MINE since that is the person responsible for taxes, taking care of the property and such. The basic fact is, the other signed away all rights to the home. It's all in black and white (and filed with the courts).

I could give my sibling some but I really hate the idea of giving a "gift", especially since there's been a whole bunch of "gifting" going on over the past few years. Is there a way I give them a 1099 or something to make sure anything I may give is income?

This question has been closed for answers. Ask a New Question.
34

Answers

Show:
1. Assuming there was no undue influence from you toward your dad, and that he was mentally competent at the time he signed the deed to you, it is certainly your house and you have no obligation toward your sibling. That being said, it is possible--though unlikely--that a creditor could seek to set aside the deed based on the law of fraudulent transfer (which means that if your father knew his debts would exceed his assets he can't give away the house).
2. Re the POA: Giving someone a POA does not revoke your OWN continued ability to sign legal documents and continue to have full legal authority. It simply gives an ADDITIONAL person those powers, too.
Helpful Answer (0)
Report

Check with a tax person before playing around with property titles! You can get into a situation to where you not only get title but also the original purchase price from the beginning of time--which gives you a large capital gain on sale. (The purchase price might be so low to be under the gift tax threshold.) You're better off having the house willed to you so your base cost when you sell is the market price when you inherit.
Helpful Answer (5)
Report

if its all in black and white and filed legally and you are under no obligation to "gift" then its all your decision, I would recommend to follow your instincts, if you feel they had received their gifts prematurely then there is your answer.
Helpful Answer (4)
Report

"The spoken word is like the air...the written word IS ALWAYS THERE."
Hope this helps...
Helpful Answer (4)
Report

As has already been said, this is a legal question with different laws depending on where the property is located. I wonder if the higher ground might be to seek a clear understanding with your sibling. Perhaps with a mediator as this is more than just what legal. A review of what has transpired during the period of time where your father sought the assistance of his children to handle his affairs. When you go through the loans, etcetera you might find the ethical thing is to share your inheritance. You might also find that your sibling owes you money or enable him to see that you are actually not inheriting more than he. For your parents sake, try to work it out and maintain a relationship for future generations.
Helpful Answer (3)
Report

My mother left me. When she was dying, she had a friend call for me. I went.
She was not so nice to my brother either. She left, to my surprise, pod accounts,
ended up in my name. I split them with brother because I knew it was what my
father, long passed and divorced from this women, would have wanted. Seemed the decent thing to do at the time. I got sick soon after, have I had regrets? Some. Yet indeed it was the right thing to do. For me.
Helpful Answer (3)
Report

What has your lawyer said to do?
Helpful Answer (2)
Report

One ouestion who paid tax on your home while he was I'll who paid upkeep the poaif he can prove he went into the hole paying the up keep can take that out of the sale of the house just be honest did he or she go above and beyond paying to keep the house for you if he did give him some money is only money family is worth a lot more if he's a druggie or a gambler give him bond make him wait for them to mature who know he might too
Helpful Answer (2)
Report

Well, with all that was said, I have to tell you, getting that house may be a burden on you. I did not realize that having a gift of the house was going to be costly to me. My partner deeded his house to me to pay me for my services given while he is alive. BUT, after much study, it would have been better to have him deed it to me in the trust when he passed. Either way, I am responsible for his estate and if there are taxes to be paid, it will be on my shoulders. He owes NOTHING to anyone. That is the way he lives. The house is valued at less than he paid. That is the market we are in. So, the basis probably won't change and may even go down. MAYBE. I certainly am not going to give any percentage to anyone else. When all is said and done, I am the only one who even saw or cared from him since he was diagnosed. His kids hate me so took it out on him and cut him off from any visits whatsoever. His son in Germany and his sister in Germany thank me constantly for what I am doing. But, I love him and will continue till he dies. I will see to it the son in Germany gets some money as he needs it. His sister is very well to do and will not request of me anything. I put the home into my Trust, so we will see how that ends up. Could be interesting. This whole thing with kids and their parents money makes me sick. There is so much selfish living going on. I wonder what is wrong with people.
Helpful Answer (2)
Report

just a question because I have a similar situation; if your sibling had POA "to handle bills and bank account"; how was your dad able to deed the house to you?
Helpful Answer (1)
Report

See All Answers
This question has been closed for answers. Ask a New Question.
Related
Questions