KDowns4793, Home Buyer in Deerfield Beach, FL

im 58. can i purchase a condo in my and my adult son's name to avoid probating the property. what are family visiting restrictions?

Asked by KDowns4793, Deerfield Beach, FL Mon Dec 23, 2013

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5
Hi K!

Good for you for thinking ahead, but at 58, you are still a Spring chicken! There are no laws that would prohibit you from purchasing a property and putting the deed in your son's name. Talk to your accountant and/or financial advisor to find out what tax benefits/penalties you may incur.

As for family visiting restrictions, each community has different bylaws. Most active adult communities welcome friends and family. Are you interested in a specific community?

Katie Ingram, Realtor®, CDPE, CFA
Keller Williams Realty
561.389.7863
katie@katieingram.com / http://www.katieingram.com
* Serving Buyers & Sellers in South Florida since 1999
1 vote Thank Flag Link Tue Dec 31, 2013
Many times, because the adult child is under 55 but the parent is over 55, the parent and the child become co-owners of the 55+ home.

For example. I had a customer who wanted to purchase a home in a Boynton Beach active adult community. She was six months shy of her 55th birthday, so the community would not approve her. However, once her mother, who was 77, put her name on the deed, the sale went through.

Typically, most property contracts are JTWROS (joint tenant with right of survivorship), so the property simply passes to the surviving individual on the deed.

You may want to check this with a trust and estates attorney, just to make sure you're doing everything correctly should you decide to purchase a property with your son.

As for family visiting restrictions, most active adult communities enthusiastically welcome family members, including young children.

For full time living, restrictions in 55+ communities typically state that no one under 19 years old may be a full time resident. But anyone of any age may visit at any time.

One big restriction if there are infants in the family: no diapers in the pool.

Marc Jablon, the Jablon Team
Re/Max Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Tue Dec 24, 2013
If you're only 58, you hopefully have a lot of good years in front of you before anyone needs to worry about probate.

I recommend you talk to a financial planner familiar with estate planning. There are better options available.
0 votes Thank Flag Link Tue Dec 24, 2013
Talk with an estate planner. There may be better options.
0 votes Thank Flag Link Tue Dec 24, 2013
KDowns,

There are certainly no laws that would prohibit you from purchasing a property and putting the deed in your son's name. However, you may check with your accountant as you as to the tax effects of what doing so may be. I am not following your question about visiting restrictions but you should check the condominium documents for any unit you may be considering to determine what restrictions that may have if any.

Best of luck and if I can offer anything additional please let me know.



Fins Up.......................



Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes Thank Flag Link Tue Dec 24, 2013
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