Legal Question in Wills and Trusts in New York
my mother wants to put my sister and me on her house deed now so that we can get it without having to wait foe the will to be processed. Is that legal and are there tax implacations
2 Answers from Attorneys
Your mother can either transfer total ownership of the home to you and your sister now or revise her existing deed to include the both of you. There may be tax implications depending on how your mother would like to make the transfer.
I agree. Alot deoends upon the value of the house. There might be gift tax ramifications, although minimnal, future income tax ramifications (basis for gain or looss), current real estate tax ramifications (who can claim the taxes), plus you do not say if there is a current mortgage, which might have ramifications. I suggest using an estate attorney to asist and explore all of these matters, so if it is done, it is done properly. There is much more to consider and decide upon that just avoiding probate of a Will.