Legal Question in Wills and Trusts in Florida

Re: question about estate planning

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.

The proper way to add your names is to have your mother execute a Quit Claim Deed to herself for life with a remainder to you and your brother as tenants in common. This will avoid probate but might be a very costly mistake.

If you follow your plan, you will save the cost of probate but your tax basis for the property will be mom and dad's purchase price. If you wait until mom's death and probate her estate, you will get a stepped up basis equal to the value of the property on the date of mom's death. This could result in a sizeable savings on capital gains taxes upon selling the property.

I strongly suggest that you consult a qualified attorney who can advise you regarding the specifics of this matter.

Scott R. Jay, Esq.