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Joint ownership Deed, Quit Claim, Deed for life

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  • Joint ownership Deed, Quit Claim, Deed for life

    Hi all,
    My parents are currently living with me at my house in the state of Michigan. My other child is on the way, and we need bigger space. I’m attempting to purchase a second house and either I or my parents going to occupy the second home. In order to avoid the Non-homestead taxation, I have to put one of my parents name on the deed.

    1- My question is what the best and easy way to record the deed in my & parent names?

    2- What form or phrase I have to use to make sure in the event of my parent’s decease the deed will be titled directly to me, in consideration of me having siblings?

    3- Also in the event of my decease before my parent, the deed will be titled to my wife and kids as dependents.

    I appreciate any advice in this matter.

  • #2
    This is beyond the scope of a message board. There are a number of ways in which you can grant ownership of a home and provide for transfer of that property after the death of the owner. you do need to consult an attorney well versed in real estate and estate planning to guide you as to the best way to accomplish what you desire.
    I post with the full knowledge and support of my employer, though the opinions rendered are my own and not necessarily representative of their position. In other words, I'm a free agent.

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