Have heard of quit-claim deeds, but also heard that in some States it may incur hefty taxes. This is in Florida, and there is no lien on the home. Home value is near $100,000.
You should meet with an attorney to discuss the "Living Trust" or life estate deed.
Both would avoid probate and result in a step up in basis at time of death.
A lot depends of other assets in your estate for the type of estate plan you will end up with.
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.
My colleague is correct. The use of a Living Trust will help expedite the transfers and allow for a 'Step Up in Basis' at the time of your death - so that if your child later sells the home, the new basis would be the value at the time of your passing. Work with an Estate Planning lawyer in Florida to move this forward. Good Luck!
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My answer would depend on the unique circumstances surrounding your family. I would want to know whether the property is your homestead and whether it would be your child's homestead. I would want to know what your child's intentions are for the property (live in it, rent it, sell it, etc.). I would want to know how old the child is now. I would want to know more about your estate for tax planning reasons. I would generally want to know more about your overall financial & estate plan to see how to best fit this part of it in. By the way, there will be transfer taxes; but we can plan for the capital gains.
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I would have to leave it up to my estate planning and probate colleagues who have answered to discuss the method. But, I will put my 2 cents in regardless--you seem to be hung up on the device used to convey the property. Quit-Claim deed is one. Warranty Deed is another. Those are just the pieces of paper used to convey the interest in the land. The real issue for my estate planning colleagues is to who or what will the interest pass. Should it be a Trust? Revocable? Irrevocable? Or to the child directly?
Also consider transferring title but reserving for yourself what is called a "Life Estate". The property remains the parent's property until they pass away, then the Life Estate is extinguished and the other party now owns the property. No probate. And the parent still gets to claim the homestead exemption for property tax purpose. So that is yet another option.
While Avvo is helpful for some areas, this type of question is worthy of a face-to-face meeting with an attorney so that you can make an informed decision.
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