Legal Question in Wills and Trusts in Mississippi

Re: Quit Claim Deed or Living Trusts

You need to provide more information to an attorney. Probate may be the best course if you want to minimize capital gains taxes for your son and maximize protection of your home with least cost. A trust may be more appropriate if you want to control the property when your children receive it, if you want to protect it from your unsecured creditors, or if your estate is so large that it has a substantial risk of paying estate taxes. The third alternative you are considering, a quitclaim deed to your son, is not a good idea because the property will then be subject to his creditors' claims, you will lose homestead exemption on the property, and he will lose the opportunity to minimize his capital gains taxation when he sells the propery.