Hi and welcome to JA.I am Ray and will be the expert helping you today.You can keep a life estate here with him having a remainderman interest.This is done by a ladybird deed /enhanced life estate.
If you give him ownership here , say quitclaim him onto the deed he has ownership interest.This would affect the taxes if he becomes a half owner.
Again this has you with life estate, you are the owner for your life, it passes to him when you decease.If you add him now with an ownership interest the taxes will change because ownership changes.
A ladybird deed is done alot because it keeps you as lifetime owner with you on the taxes, when you decease it passes to the remainderman your brother.It also helps here in Texas to avoid medicaid estate recovery if you have to go into a nursing home.
Here are those forms.
Lady Bird Deed
This Deed is made on this day of _______________, 20__, between the Grantor _________________________ of address
and the Grantee Beneficiary _________________________ of address
For good and valuable consideration paid by the Grantee Beneficiary, the receipt of which is hereby acknowledged, the Grantor does transfer and convey the following described property to the Grantee Beneficiary effective on the Grantor's death:
The Grantor reserves a life estate for himself/herself during the Grantor's lifetime coupled with an unrestricted power to convey during the Grantor's lifetime, which includes the power to sell, gift, mortgage
, lease and otherwise dispose of the property, and to retain the proceeds from the conveyance.
EXECUTED this day of _______________, 20__.
Grantor Name: _________________________
Grantor Signature: _________________________
STATE OF _________________________
COUNTY OF _________________________
On this day, personally appeared before me, _________________________, to me known to be the person(s) described in and who executed the within instrument, and acknowledged that he/she signed the same as his/her voluntary act and deed, for the uses and purposes therein mentioned.
Witness my hand and official seal hereto affixed on this day of _______________, 20__.
Notary's Public Signature: _________________________
My commission expires _______________.
I appreciate the chance to help you today.Please let me know if you have more follow up.