Legal Question in Wills and Trusts in Minnesota

Re: protecting real estate from probate and taxes at time of death

It could be a good idea, but you have to be careful. You might want to consider a deed which gives it to you, but retains a life estate in favor of your mother.

The advantage to that is that the IRS would probably recognize it as a testamentary transfer at the time of her death and give you the stepped up basis.

There's no room here to explain stepped up basis. Find a lawyer who knows this stuff, someone like me for instance, and do a consultation.

Bottom line: it might not be a bad idea.

This response is for general information purposes only and does not create an attorney-client relationship. You are advised to seek consult the attorney of your choice concerning the details of your case.