Legal Question in Wills and Trusts in Illinois
Transfer of property upon death of parent
My mother lives in Illinois in a condo. I have one sister. We are both included on our mom's CDs and savings accounts and she is wondering if it would be a good idea to be joint owners on the condo. Would it pass to us more easily upon my mother's death? Would the tax liability be lessened? She has a will in which we are both equally treated as heirs. Thank you
1 Answer from Attorneys
Re: Transfer of property upon death of parent
Yes you should put the condo in joint tenancy with your mother. Yes it will pass more easily and allow you to sell it more easily as well. No it will not lessen the tax liability. But my guess is that your mother's estate is less than 1.5 Million so there would be no estate liability anyway. If the condo is the only asset that is NOT in joint tenancy now then by changing the title to it you will probably avoid probate entirely. Good Luck.
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