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Old March 10th, 2014, 10:28 AM   #1
mtnbikinbryno
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Quit claim deeds - transfer tax

I would like to add my wife to my house deed. The method to accomplish this, I believe, is recording a quit claim transfer for the sum of $1.

However, I have some questions about the transfer tax.
  • What should I place as the value of the home being transferred? The sale price of $1, or the last appraised value of the house, which I will just use my purchase price for.
  • Is adding my wife to the deed even subject to transfer tax?

Any considerations not listed here? http://www.ehow.com/how_7563220_add-...tle-house.html

Thanks in advance for any insight.

Last edited by mtnbikinbryno; March 10th, 2014 at 11:13 AM.
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Old March 10th, 2014, 10:32 AM   #2
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I don't think you want a quit claim deed- that is essentially signing the house over to your wife.

I'm not sure if you can do a quit claim to your wife and yourself.

We looked into a quit claim deed for my mother's house so she wouldn't have to sell it in case of medical emergency.
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Old March 10th, 2014, 10:52 AM   #3
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Answered my own question.

It is a quit claim deed, I personally convey it back to myself and include my wife. Pretty sure of this now because I have samples from our County's register.

It's also exempt from transfer tax. If anyone is in the same situation and wants the document I'm drafting up, I'm going to write up my own in Word. Happy to send the template to anyone.

Background: recent attorney advice that both husband and wife should be on your home's deed. Your car title should be in one of the spouse's names. That way, if someone borrows your car and kills someone, and they sue, they can't take your house because both of your names are on it. This would translate to any other lawsuit in which you, but not your spouse, might be liable.
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Old March 10th, 2014, 10:55 AM   #4
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Quote:
Originally Posted by mtnbikinbryno View Post
Answered my own question.



Background: recent attorney advice that both husband and wife should be on your home's deed. Your car title should be in one of the spouse's names. That way, if someone borrows your car and kills someone, and they sue, they can't take your house because both of your names are on it. This would translate to any other lawsuit in which you, but not your spouse, might be liable.
I got this same advice when we bought our house. But then, I was already married at the time.
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Old March 10th, 2014, 01:03 PM   #5
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Quote:
Originally Posted by mtnbikinbryno View Post
Answered my own question.

It is a quit claim deed, I personally convey it back to myself and include my wife. Pretty sure of this now because I have samples from our County's register.

It's also exempt from transfer tax. If anyone is in the same situation and wants the document I'm drafting up, I'm going to write up my own in Word. Happy to send the template to anyone.

Background: recent attorney advice that both husband and wife should be on your home's deed. Your car title should be in one of the spouse's names. That way, if someone borrows your car and kills someone, and they sue, they can't take your house because both of your names are on it. This would translate to any other lawsuit in which you, but not your spouse, might be liable.
I will fire you my email, it sounds like I should do the same.
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Old March 10th, 2014, 01:59 PM   #6
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Recorded mine this afternoon, quick and slick.
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Old March 10th, 2014, 02:44 PM   #7
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I will send you my email also. Thanks for sharing!!
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Old March 10th, 2014, 03:32 PM   #8
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Mine is still in my desk drawer from about 6 years ago - probably should file it one of these days
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Old March 10th, 2014, 03:44 PM   #9
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Quote:
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Mine is still in my desk drawer from about 6 years ago - probably should file it one of these days
Took me all of 5 minutes and $19 in recording / notary fees. Pretty cheap insurance in my book.
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Old March 10th, 2014, 04:20 PM   #10
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Quote:
Originally Posted by mtnbikinbryno View Post
Answered my own question.

It is a quit claim deed, I personally convey it back to myself and include my wife. Pretty sure of this now because I have samples from our County's register.

It's also exempt from transfer tax. If anyone is in the same situation and wants the document I'm drafting up, I'm going to write up my own in Word. Happy to send the template to anyone.

Background: recent attorney advice that both husband and wife should be on your home's deed. Your car title should be in one of the spouse's names. That way, if someone borrows your car and kills someone, and they sue, they can't take your house because both of your names are on it. This would translate to any other lawsuit in which you, but not your spouse, might be liable.
I had a conversation Thursday with an Estate attorney while signing some unrelated paperwork. For ~500.00 he is going to set up a Trust that everything will go into minus cars. For essentially the same purpose, but it also makes it so should my wife and I die, things don't get held up in probate. Also, since many several of our family members also have their assets in a trust, when the time comes to distribute those assets, it can be done tax free, in a trust to trust transfer. Also, since trusts never get sick or die, there is much greater protection should there be a 'catastrophic event' that drains fiscal resources.
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Old March 10th, 2014, 05:56 PM   #11
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Quote:
Originally Posted by MonkeyBiz View Post
I had a conversation Thursday with an Estate attorney while signing some unrelated paperwork. For ~500.00 he is going to set up a Trust that everything will go into minus cars. For essentially the same purpose, but it also makes it so should my wife and I die, things don't get held up in probate. Also, since many several of our family members also have their assets in a trust, when the time comes to distribute those assets, it can be done tax free, in a trust to trust transfer. Also, since trusts never get sick or die, there is much greater protection should there be a 'catastrophic event' that drains fiscal resources.
Fuck, I read this 3 times trying to figure out WTF a 'minus car' was....
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Old March 10th, 2014, 06:16 PM   #12
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I thought your spouse had to be on your deed by law ?
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Old March 10th, 2014, 06:20 PM   #13
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Quote:
Originally Posted by BlooMule View Post
Fuck, I read this 3 times trying to figure out WTF a 'minus car' was....
That should read "Minus the cars" Whoops!
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Old March 10th, 2014, 06:21 PM   #14
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Quote:
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I thought your spouse had to be on your deed by law ?
My wife is not on the house and we bought it after we were married.
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Old March 10th, 2014, 06:29 PM   #15
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Quote:
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My wife is not on the house and we bought it after we were married.
Really ?
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Old March 10th, 2014, 07:10 PM   #16
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Quote:
Originally Posted by MonkeyBiz View Post
I had a conversation Thursday with an Estate attorney while signing some unrelated paperwork. For ~500.00 he is going to set up a Trust that everything will go into minus cars. For essentially the same purpose, but it also makes it so should my wife and I die, things don't get held up in probate. Also, since many several of our family members also have their assets in a trust, when the time comes to distribute those assets, it can be done tax free, in a trust to trust transfer. Also, since trusts never get sick or die, there is much greater protection should there be a 'catastrophic event' that drains fiscal resources.
You should read up on trusts, and realize it still goes through probate either way. I was going to do the same thing however I talked to an attorney friend, well a couple of them and they advised against it. Not so much advised against it, but due to the way Michigan's a law is written you don't need it. But hey lawyers need money too, so I guess pay them.
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Old March 10th, 2014, 07:26 PM   #17
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Quote:
Originally Posted by Easy_E View Post
I thought your spouse had to be on your deed by law ?
The register of deeds referenced a term that, in effect, would let the register know that I was married and my spouse would have an interest. I can't remember it now.

Paging Ryebread.

Anyway, I bought my house before I was married. My wife was not on the deed until I did this.
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Old March 10th, 2014, 07:26 PM   #18
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Quote:
Originally Posted by High Center Hancho View Post
You should read up on trusts, and realize it still goes through probate either way. I was going to do the same thing however I talked to an attorney friend, well a couple of them and they advised against it. Not so much advised against it, but due to the way Michigan's a law is written you don't need it. But hey lawyers need money too, so I guess pay them.
IANAL, but from what I have been told by attorney(s) is that whether or not and estate has to go through probate is totally decided on how it's written. I know for the several trusts that I am trustee to, it is specifically spelled out that they are exempt from probate. I don't have it in front of me, but there is a section in each of them that specifically talk about probate. It's the in the administration section.

I don't know your friends, but any lawyer that advises against additional protections ie: a trust, I would have a hard time believing. My Grandpa had a trust set up...poorly. It's was tied up in probate for a while, and the legal fees were 10K+. Using that as a learning experience, the remaining of my family consulted several different law firms to make it so that cluster fukc was not an issue again. I would suggest to anybody interested to consult an attorney that deals exclusively with estates to find out what works best for their situation.
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Old March 10th, 2014, 07:31 PM   #19
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I'm going to quit guessing on what they said and ask them tomorrow, I see them everyday. I do remember regardless of the language used, it goes through probate. As far as protections, your assets like what? You cannot sue to take someone's house, so no trust needed for that. Your bank accounts, sure they could go into a trust, however that adds another whole level of BS when doing your banking.
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Old March 10th, 2014, 07:32 PM   #20
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HCH has spoken

/thread
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