People occasionally remove their name from the title of their house in order to expedite the probate process, avoid inheritance taxes and make it easier to qualify for MassHealth.
But there are also negative consequences that lawyers often fail to discuss with their clients.
These negative consequences include
- increased homeowners insurance premiums,
- difficulty refinancing or getting a home equity line of credit and
- potential increased tax burdens on your heirs when they eventually sell the house.
I discuss each of the issues in more detail in this video.
If you have questions about estate planning or real estate law, please contact me at email@example.com