The property was inherited from our parents. 20 years ago we went through probate and only put my name on it. I dont remember why, I am the oldest and do not want my brothers to have to fight for this property but I cant afford for the tax's to go up either. What can be done? Help! Thank you
There will be reassessment if you transfer an interest to your brothers since they do not presently have an interest in the property. You can leave the property to your brothers via a living trust or will. However, there will be a reassessment when the property is ultimately transferred to them because they do not presently have an ownership interest and they are not your children.
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Real Estate Attorney
Attorney Daymude gives good suggestion. You can set up a living trust but the reassessment issue in future can not be eliminated. it certainly is deferred and doesn't need to be addressed now if you would transfer to them now.
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Any such transfer may require reassessment because, generally, the tax-free transfer applies to parent-child and child-parent, not siblings. Under the circumstances that the title should have been in both names, I would contact a lawyer or the county of situs and show them the error took place 20 years ago and they may offer a solution to remedy it by filing new forms. Of course, the grant deed must be correctd as well. Good luck.