How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33762
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
19958803
Type Your Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

I had asked a question regarding my disinheriting my son from

This answer was rated:

I had asked a question regarding my disinheriting my son from inheritance. I have another question. Would I be smarter titling my properties in my name and my daughter or is there a hefty tax on doing that?
Hello and welcome! My name is XXXXX XXXXX I will try my level best to help with your situation or get you to someone who can.
.
If you were to add daughter to any properties as a joint owner, you would be considered to have made a gift of half the fair market value of the property to her. Although she wouldn't have any taxes as a result of the gift, you would. However, you could avoid paying any of the federal gift tax by using up a small portion of your $5 million dollar lifetime gift tax exemption and filing an IRS Form 709.
.
That way you could gift half the property now, put her on the deed as a joint tenant with rights of survivorship and when you pass, she automatically becomes sole owner without having to go through the time and expense of probate at all.
.
.
Thanks
Barrister
Barrister and 3 other Estate Law Specialists are ready to help you

Related Estate Law Questions