Hi. I have a home with a mortgage Only my name is on the title (not married). My son and his family live with me. I want to make sure he stays in the house after I die. I’ve read about joint tenancy with survivorship. The goal is to ensure automatic transfer of the house with the least amount of tax burden. What is the process to amend the title?
The information provided is for general information and does not form an attorney-client relationship. See our .Bill HenryFounding Partner | 19 years of experience
Bill HenryFounding Partner 19 years of experience
Certainly, a home may be held in Joint tenancy With the Right of Survivorship. That means that if there are 2 joint owners and one passes the remaining of title owner become the 100% sole owner preventing the estate of the deceased owner from owning and distributing that ownership share via probate, via a will or statute. There are other options which may be better in your situation, for instance transfer on death options, or a well constructed Estate Plan. If your primary concern is a reduced tax burden based on the transfer I recommend that you schedule a free case assessment with our Estate Planning Attorney who is also a Tax attorney. He will be able to help.
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