Legal Question in Wills and Trusts in Vermont

Re: Transfer-On-Death Deed

Adding your name, indicating that your percentage ownership is a percentage (calculate equal to $12,000, the annual gift tax exclusion on which no gift tax is paid - e.g., presume the property is worth $120,000, he could state that you are immediately a 10% owner as joint tenants with right of survivorship, with the balance to be transferred to you on his demise), or, even better, create a grantor trust and name you the beneficiary, recording a new Deed with the trust as owner. While this may be a little more expensive than just doing a Deed naming you now, no current gift would be involved, it would avoid VT probate and you would ultimately own the land, with a value equal to market value at his date of death, with no gift tax issues. I suggest that depending upon Dad's net worth, valuing everything, he consult an estate planning attorney who could implement my suggestion, as well as anything else Dad might need to eliminate probate costs and protect him from any State death taxes.