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Ratings. Guidance. The Right Lawyer.
What are the pro's and con's of quit claim deeds used instead of a will for real estate.
Tampa, FL
Viewed 222 times.
Posted 7 months ago in Real Estate
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I have to either establish a will or a quit claim deed to cover what becomes of my home. I own my home. My retirement is being handled by a financial group and I have beneficiaries assigned in case of death. So my only real concern is my home.
Answers (1)
David C. Garner
This attorney is licensed in California.
Posted 7 months ago.
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Well, for one thing, a quit claim deed would subject the recipient to a massive capital gains tax obligation as the house would be valued at what you bought it for and taxed at the current value.
A will allows a step-up in taxable value at your death so they take it free of capital gains at any subsequent sale (as least based on the appreciation you realized). Talk with an attorney. You need a will. |
