Legal Question in Wills and Trusts in Pennsylvania
My parents are in their eighties and own their home. They want to put the house in mine and my brother's name before they die. I live with them and plan to remain in the house permanently. Is is better to do it this way or to wait until they pass and do it then? They do have a will that leaves everything to us 50/50. Thanks for the advice.
1 Answer from Attorneys
As an estate planning attorney I have prepared hundreds of Deeds over the years between parents and their children. This is a very common procedure that is designed to accomplish a couple of different things. First, by adding the children onto the property while they are still living it insures that the house will not pass to you and your brother through probate. Avoiding probate is a very good thing because you and your brother will potentially save thousands of dollars in legal fees that you would otherwise have to pay if the property was passing to the two of you through Will of the last of your parents to die. Second, depending on how we add the two of you onto the property and how we title same, we could also potentially save you a great deal in terms of the Pennsylvania inheritance tax that you would otherwise have to pay on the property when the last of your parents dies.
If you would like to discuss this matter with me further, please feel free to contact me directly either through our website at www.americanwillsandestates.com or by email at [email protected]. Thanks.
Lloyd A. Welling, Esq.
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