Legal Question in Wills and Trusts in Florida
Transfering Property Ownership
My mom would like to deed me her home (no other children or husband) but we're afraid of the tax consequences of doing so. Can she deed me the house and I continue to pay the current tax rate? Or will I get slammed with a much bigger tax bill when the change in the deed occurs? Are there any fiscally smart solutions around this issue?
1 Answer from Attorneys
Re: Transfering Property Ownership
The proper way to do the transfer is by a special enhanced Life Estate Deed. You would need an experienced Florida real estate attorney that knows estate planning techniques to draw the proper deed with the proper language. My office uses them regularly. In that manner you would keep homestead exemption and transfer without probate.
www.flprobate.net
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
