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Cookie,
The answer to your question “what kind of deed should I file?” is simple. It is easy to transfer property in Oregon and most other states. Here is a link to Conveyance and Recording law in Oregon: www.oregonlaws.org/ors/chapter/93. After reading up on deeds you should have a good idea of how to proceed.
On the other hand if after reading through the Oregon statutes you don’t understand most of what you read you might want to get professional advice. Just call or visit a local title company and they should be able to help you. And the good news…the cost is very little in most circumstances.
So…deeding property from one person to another couldn’t be easier. You fill out a form, maybe have it notarized, and pay a small fee to file it with the county clerk. Voila! Done deal. What may not be so easy is dealing with the unintended consequences of the transfer of property.
Now, for the questions you didn’t ask, but should have. For example, ‘How will this transfer of property affect my mother’s estate?; or 'Will I owe transfer tax in Oregon?’. Or this one, ‘How does saying “There would be no financial exchange” fly with the Internal Revenue Service?’ Or here’s a good one, ‘Should I encourage my 80 year old mother to do her own estate planning without any professional advice? She says deeding her property to me will avoid estate tax and all other forms of taxation.’
Cookie, if you are still reading this you have probably realized that I am being a little sarcastic. But I am trying to make an important point. Not only to you, but to all those people out there that Google “Oregon deeds” thinking that practicing estate and real estate law is a DIY project. Maybe they will find this post. If your mother has an estate large enough to be concerned with estate tax, then she can afford to employ professionals to advise her on how to arrange her finances to minimize the “tax hit.”
On the other hand if an estate is small enough that estate taxes are not an issue you have to think about the consequences of the property transfer. Many elderly people find that their Medicare runs out if they have an extended illness and must resort to Medicaid to pay for treatment. This requires what is called “spending down.” If property or other assets have been improperly transferred to children with “no financial exchange” to qualify for Medicaid, then that is more problematic than just owing taxes…that can be considered a criminal act. In a case like this your mother can’t afford NOT to get professional advice on planning her estate.
Good luck and I hope that your mom is still thinking about how to minimize her estate tax 20 years from now.
My mother is in her 80’s and wants to transfer ownership of her real property (primary residence) to me (daughter). She wants to do this instead of putting it in a living trust as a way of saving me any tax hit upon her death. I’ve been paying property taxes, all home maintenance expenses for several years. There would be no financial exchange. I’m in Oregon… what kind of deed should I file?
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