Legal Question in Wills and Trusts in Florida
''transfer vs. inherit real property''
If I file a quit claim deed upon my mother's passing, as opposed to creating a living trust, will my cost basis be fair market value at the time of filing?
2 Answers from Attorneys
Re: ''transfer vs. inherit real property''
You cannot transfer property to one who has deceased, so I am confused regarding the question. Estate planning is very cost effective as the return will be multiple times the attorney fees. Call me directly at (619) 222-3504.
Re: ''transfer vs. inherit real property''
When your mother passes away (I am assuming that it is her house) the basis of the property is stepped up to the fair market value on the date of death. However, the only person who can file a deed is the person who's name is on the title. Meaning, if it is your mother, she must sign, which of course, she will be unable to do. Instead, the property would be transferred through probate. If you were also on title with her as a joint tenant, you could avoid probate, but only 1/2 of the value of the property will be stepped up. A living trust for your mother will allow a complete step up and no probate.
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