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Q: transfer of assets (real estate) ( No Answer,   0 Comments )
Subject: transfer of assets (real estate)
Category: Family and Home > Families
Asked by: hynchmob-ga
List Price: $15.00
Posted: 05 Sep 2005 20:16 PDT
Expires: 13 Jul 2006 05:58 PDT
Question ID: 564670
scenario: (state - MA)
my parents would like to transfer the family cottage to my brother and
i. my brother and i are the only children and my mother is the only
person on the property title. it was passed down to her from my
grandparents a few years ago.  the cottage was originally purchased in
the early 70's for about 25k and has a fair value today around 350k.
this is not used as a primary residence...just a vacation location.

whats the easiest way to transfer the property to my brother and i?
the idea is to never sell the property. it will always be in the
family. my parents just want the property in our names to allow us to
use the equity as collateral. do you forsee any issues with this?
what are the benefits of placing the property in a trust? should this
even be considered?
is there any way to structure the asset in a trust of some kind,
granting my mother full control, with my brother and i having the
ability to use the property as collateral??

please let me know if my questions require clarification.
There is no answer at this time.

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