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Barrister
Barrister, Attorney
Category: Legal
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Experience:  14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
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my dad has a gross net worth of well under $1M, probably closer

Resolved Question:

my dad has a gross net worth of well under $1M, probably closer to $600K. He is single, mom passed away four years prior. He just sold his home and plans to purchase a home (cash purchase) valued at $260K in Maryland, Montgomery Co. in a retirement (Leisure World) community. He asked if he could put me on the title to his new home in order to avoid probate when he passes away. I would inherit the home and potential proceeds of any sale of his property. Is this a good idea? I understand that being on his title may expose me to death tax liability, however given the small value of the home and in view of his net worth is this really an issue? As well, should we consider a revocable living trust, again in view of his small net worth does this make better sense, (and keep me off the title of his new home)? thank you
Submitted: 1 year ago.
Category: Legal
Expert:  Barrister replied 1 year ago.
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.
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If father wants to help you avoid the time and expense of having the house go through probate, then listing you as a "joint tenant" on the deed would serve to accomplish this. When one joint tenant passes, the survivor becomes the sole owner of the property without any further action being necessary. Since the house would transfer at the instant of his death, it would not have to go through probate.
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Maryland does have an inheritance tax, but it does not apply if a property is inherited by the deceased's child.
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If he lists you as a joint owner on any assets he has, like checking or other bank accounts, everything would transfer at his death without any further action so probate wouldn't even be necessary.
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He could have a revocable living trust set up, but it is fairly expensive to have an attorney draft one. If he can add you as a joint owner of all his assets, there really wouldn't be any benefit to having a trust.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.


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Customer: replied 1 year ago.
Thanks. As the child of the deceased if i am on the title is there a possibility of a transfer tax? Sorry about the format.
Expert:  Barrister replied 1 year ago.
As the child of the deceased if i am on the title is there a possibility of a transfer tax?
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No, if you are on the deed as a joint owner, there is no transfer necessary once father passes as the property instantly vests solely in you. You don't have to do a thing. There may be a recording fee when he initially records the joint tenancy deed, but it isn't much...
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The other thing that he would need to do is file a gift tax Form 709 with the IRS so he could avoid paying any gift taxes. When he adds you to the deed, that is considered a gift of half the value of the house. But if he filed the Form 709, he could use up a small portion of his $5.25 million dollar lifetime gift tax exemption and avoid paying any gift taxes at all.
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So he can end up gifting you the house and no one would owe any taxes on the transfer at all.
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Thanks
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 24612
Experience: 14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
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