Legal Question in Real Estate Law in Florida

Re: Real property transfer

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Yes, there will be tax consequences for both grandmother and you. If grandma does an outright transfer to you by virtue of a Quit Claim Deed, then she will lose her homestead exemption unless she maintains a life estate. You will lose a stepped up basis on the value of the property which would have been obtained if the property passed to you by virtue of grandma's estate.

Scott R. Jay, Esq.