Legal Question in Real Estate Law in Illinois
My father lives and owns his home and is retired. He is 83 years old. He qualifies for the homestead property tax. It started out reduced to $20.00 a year and is now $0. a year. If he does a quick deed and adds me to the deed on his home will that change the homestead property tax amount? Will he have to pay property tax? I own and reside in a separate home?
1 Answer from Attorneys
There are several implications of adding someone to title and I have seen it cause issues all too often. The better solution is a proper will, other estate planning document or even a land trust. Among the considerations of adding someone to title: gift taxes, income tax consequences upon later sale of the property, exposure of the home to the liabilities of the the person added, exposure of the person added to liabilities that may arise at the home. While there may be reasons to go forward, I expect that the recommendation would be against it.
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