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What advantages are there to having your name on the deed to your mom's house in case she passes Disadvantages?
Wiki User
∙ 18y ago
one advantage i that you won't have to pay federal estate tax or inheritance tax on the property because it has not been willed to you but it is your b4 she dies. next is that her "estate" won't have to go through probate court cuz there is no realestate to change hands. The property would need to be properly titled in order to bypass probate procedure and not be subjected to state inheritance taxes, federal tax would not apply unless the amount is more than $600,000. The home should be titled Joint Tenancy With Rights To Survivorship, to assure proper succession at the time of either owners demise. The disadvantage would be if one owner wanted to sell the property and the other did not agree, the seller would need to be "bought out" or the property would have to be subjected to partitioning through the court. There might also be an issue of creditor attachment should one of the owners find themselves in financial difficulties. It is extremely important for persons who are not married to use caution in the wording of a title to any type of real property.
Wiki User
∙ 18y ago
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