Legal Question in Real Estate Law in Virginia
Deed to House with Rights of Survivorship
My grandparents were listed as the primary owners of my home with rights of survivorship to me. My grandfather has passed and now my grandmother would like to be done with it. How do we go about removing her from the deed and what are the ramifications of that with regards to transference and taxes?
1 Answer from Attorneys
Re: Deed to House with Rights of Survivorship
It is likely not a good idea either for her or you
to remove your grandmother's name from the deed and in effect gift the property to you since you would lose the stepped up basis which one receives upon inheriting property and, consequently, the normally much lower capital gains tax to pay than if property is received as a gift. And then, of course, there's always the unhappy possibility(however remote)that grandma could find herself without a place to live if she deeds the property prematurely to you or others.
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