Posted on: 09th Feb, 2009 09:18 am
My mother would like to add her son (child) to the house title what form do I use in the State of Florida?
hi xopa,
all your mother needs to add her son to the title of the house is a quit claim deed. through this deed she can transfer her share in the property, in whole or in part, to her son and thus add her son to the title.
all your mother needs to add her son to the title of the house is a quit claim deed. through this deed she can transfer her share in the property, in whole or in part, to her son and thus add her son to the title.
Jenkin7. Thank you for answering my question. My next question is if after having her son on the title, the parent passes (death) will the son have to pay higher taxes in comparison to the son waiting until after the Will (probate) has been expedited and at that time pay "lower" taxes becasue of the probate (Will). In a situation like that will it be better off to wait until Probate. I am obviously trying to avoid higher taxes. I am in Florida.
Hi xopa,
After the death of the parent, if the property goes through probate, the taxes will be paid from the estate property and will be handled by the executor. The son do not have to bear the burden of the tax until the property has been distributed. After the distribution of the property, the tax burden may increase. Probate involves a lot of expenses such as fees for the attorney etc. which must also be taken into consideration.
On the other hand, transferring property through a deed eliminates the process of probate thereby reducing several costs.
However, consulting a tax consultant in this regard is the best option as he is the right person who can give you the exact information and help you in a better way.
After the death of the parent, if the property goes through probate, the taxes will be paid from the estate property and will be handled by the executor. The son do not have to bear the burden of the tax until the property has been distributed. After the distribution of the property, the tax burden may increase. Probate involves a lot of expenses such as fees for the attorney etc. which must also be taken into consideration.
On the other hand, transferring property through a deed eliminates the process of probate thereby reducing several costs.
However, consulting a tax consultant in this regard is the best option as he is the right person who can give you the exact information and help you in a better way.
I have two houses... Both in my name. I am divorced and have 2 children. I want to transfer my 2 properties to my children (one each) as I am terminally ill. I don't want the property to go to anyone else. Both of them are underage - not 18 years yet!! Will be able to add my children to house deeds?
Hi Jannet,
As far as I know, you cannot add a minor to a property deed. You can check out the given page for further details:
http://www.mortgagefit.com/quitclaim/underage-grantee.html#51602
Thanks,
Jerry
As far as I know, you cannot add a minor to a property deed. You can check out the given page for further details:
http://www.mortgagefit.com/quitclaim/underage-grantee.html#51602
Thanks,
Jerry