Legal Question in Real Estate Law in Florida

Re: Right of survivorship

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.

You will need to have a new deed executed between all parties in favor of who you wish it to go to or alternatively, simply leave it in your names alone without the kids.

Remember, some counties will not allow the full homestead tax exemption 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 which should be reviewed with a qualified real estate attorney. Also, there are tax implications of a quit claim deed as you suggested that should be reviewed with a qualified real estate attorney. Although your heirs may save money on the probate of your estate in the future, they 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 death.

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