Legal Question in Real Estate Law in Michigan
My mother and step father own a home. When they pass away they would like half to go to me and the other half go to my step sister. What is the best way to do this. Is it with a trust or with just adding us on the title with a quick claim deed.
2 Answers from Attorneys
A properly drafted deed unless a trust already exists. Visit www.kliszlaw.com to discuss. Tim Klisz
If your parents add your names to the title via quit claim deed, be sure to note that it is not a "transfer of title" making it exempt from transfer tax. A real estate attorney knows the proper statute to cite on the face of the deed. This also prevents a "pop up" tax from being imposed by the local assessor, or loss of "homestead" status.
There is Michigan case law that would indicate a quit claim deed is a better choice in terms of tax avoidance, than a trust.
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