Tax Implications of Adding a Family Member to Your Deed

At first it seems like the easy, smart, money-saving path to take. Simply add your children to the deed of your home, bypass the probate process, and minimize costs to the children. This strategy is very common. The idea is to hold real property jointly with family members who are given what is called “rights of survivorship.”

There are major disadvantages to adding your children directly to your deed, and is not recommended. One such disadvantage is due to tax implications. ...

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