Legal Question in Real Estate Law in Massachusetts
I have a JT interest in a property with right of survivorship. May I just sign a deed, giving my half but keeping a life estate to the other JT? Or do both I and the JT have to transfer the deed into this arrangement?
2 Answers from Attorneys
You both should sign the deed. I would also determine if there is a gift tax issue given your age and the value of the property. There is not likely to be any tax, but you may need to file a gift tax return. It will depend on the the value of the life estate as compared to the half the value of the home.
My advice would be that you both execute the deed transferring ownership. You will sever the joint tenancy and create a tenancy in common. Your interest may be transferred as you wish. I recommend that you use an attorney who routinely works in matters of real estate and estate planning/gifting to assist you in this transaction.
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