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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33741
Experience:  15 years real estate, Realtor. Landlord 26 years
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Need a real estate lawyer. wondering if a deed on a condo

Customer Question

need a real estate lawyer. wondering if a deed on a condo can be changed (new deed) to a transfer on death. Owner resides in minnesota, thinking this
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: might help with the 2 million inheritance limit in minnesota
JA: Has anything been filed or reported?
Customer: yes, a deed putting it in trust
JA: Anything else you want the lawyer to know before I connect you?
Customer: it's been owned since 1998, purchase price was 104k, current value 150k
Submitted: 7 days ago.
Category: Real Estate Law
Expert:  Barrister replied 7 days ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Is the trust revocable or irrevocable?

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Is this the grantor (maker) of the trust who is considering this?

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thanks

Barrister

Customer: replied 7 days ago.
revocable trust in my mothers name Lois C. Berg, property is in Lee County Florida, acct# *****
my name is*****
Expert:  Barrister replied 7 days ago.

Ok, then if it is revocable, then yes, there is no problem with her directing the trustee to transfer the property out of the trust and back to her personal name and then adding a transfer on death (TOD) designation.

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If it was irrevocable, it couldn't be changed.

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I am looking into the TOD designation with regard to estate tax..

Expert:  Barrister replied 7 days ago.

Ok, everything I can find states that although a TOD keeps a property from having to go through probate, it does not remove it from the taxable estate for estate tax purposes because the decedent owned it at the time of their death so it is included in their taxable estate.

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thanks

Barrister

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