Legal Question in Real Estate Law in Florida

Re: Use POA to change property ownership to self

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

Governmental authorities will look at any transfer made by you on behalf of your mother and especially one to yourself before approving any financial assistance. They may consider any transfer at this time as fraudulent.

If you decide to make the transfer, I do not recommend that you use a title company unless it is operated by an attorney.

There are several legal issues which need to be reviewed with an attorney and not online. Remember, the homestead tax exemption, if presently appicable, will be lost if all parties on the deed do not reside in the property or if they own any other properties.

There are serious tax consequences to your actions and tax implications of a quit claim deed as you suggested that should be reviewed with a qualified real estate attorney. You may very likely incur substantial tax consequences as a result of the loss of the stepped-up basis of the value of the property at the time of your mom's death which you would otherwise be entitled to.

Scott R. Jay, Esq. 305-249-8000