Legal Question in Real Estate Law in Florida

Re: Quitclaim house to children-stepped up basis

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By executing a Quit Claim Deed and transfering the property your mom preserved her homestead status of her home. Placing the property in her name for life with a remainder to you and your siblings. The home is protected against any claims against you or your siblings by mom's homestead during her lifetime.

The property will still quailfy as mom's homestead which will qualify her for the homestead exemption and limit the rise in property taxes under the Florida constitution.

Unfortunately, you have probably lost the opportunity to take advantage of the stepped up basis under the Internal Revenue Code. It may also be revalued for real property tax purposes by the County Appraiser in which the property is located.

Scott R. Jay, Esq.

Re: Quitclaim house to children-stepped up basis

In addition, the house may lose its homestead exemption on her death and be subject to the judgment liens of the children.