If my aunt adds her grandsons name to the title of her home will that avert taxes, and probate when she passes away.

Asked about 1 year ago - Detroit, MI

My uncle just died. They own the home mortgage free. He is 24

Attorney answers (4)

  1. Julie Aletta Paquette

    Contributor Level 15

    5

    Lawyers agree

    Answered . The tax question is far too complex to answer in this format. Yes, it would most likely avoid probate in regards to the house. However, probate may be necessary for other reasons, and adding someone to the house is not a great idea. If grandson ever ends up running into financial trouble or even gets a divorce, then that house is counted as his property and would be subject to that court process or could be attached by his creditors.

  2. Charles Adam Shultz

    Contributor Level 19

    6

    Lawyers agree

    1

    Answered . What taxes are you trying to avoid? Gifting does not avoid taxes, and can actually accelerate transfer taxes and possibly increase property assessments. Transferring to joint tenancy would achieve the result of avoiding probate, but its really not the greatest estate planning tool because circumstances could change for grandma or grandson could develop bad habits that grandma doesnt like or could turn on grandma and force the sale of the property.

    Grandma should really meet with an estate planning attorney to go over her options.

    The general advice above does not constitute an attorney-client relationship: you haven't hired me or my firm or... more
  3. James P. Frederick

    Contributor Level 20

    3

    Lawyers agree

    Answered . I agree with my colleagues. The answer, in large part, depends on how this is done. Your aunt should visit with an estate planning attorney. She needs to set this up properly, in order to avoid all kinds of possible problems, down the road. There are ways to set this up that will likely achieve your aunt's goals. She should not attempt to do this on her own. There is also additional estate planning your aunt will need, including durable power of attorney forms for medical and financial matters. These avoid the need for probate during lifetime, in the event your aunt becomes incapacitated.

    James Frederick

    ***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ******... more
  4. Stephen Scott Pearcy

    Contributor Level 12

    4

    Lawyers agree

    1

    Answered . It would avoid probate regarding the home, but it wouldn't necessarily avoid probate of the rest of her estate. As for taxes, it depends on what taxes you're talking about.

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