Almost any time you own property jointly with your husband, you want to own it as tenants by the entireties. Think of this as though it is the two of you as a couple that owns the property and that neither of you individually owns anything. On death of one spouse, the property will be owned by the survivor.
Joint tenants with right of survivorship requires equal owners. You and you husband would own one half and your sister one half. If you sister dies, you and your husband are the owners. If your husband dies, you and your sister are the owners.
Deeding a one half interest to your sister is a taxable gift and you will need to file a gift tax return, even if there is no tax. If you or your husband go into a nursing home within 5 years there will be issues. If your sister has creditors, they will be able to force a sheriff's sale of the property.
You need to meet with a lawyer and equip yourself to decide if a deed or a will is your best choice. Don't make the mistake of thinking you will be able to research every issue online. This is a starting point. You will need actual legal advice.
DISCLAIMER The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the Commonwealth of Pennsylvania. Responses are based solely on Pennsylvania law unless stated otherwise. When answering questions on AVVO, attorneys are prohibited from directly soliciting business. Don't take this as an indication of lack of interest. Follow my answers to other questions on Twitter @LandLawyer James S. Tupitza 212 West Gay Street West Chester, PA 19380 610-696-2600
Have you ever played three dimensional chess? That is what you are about to experience when you try to explore all of the possibilities of doing what you ask. This is not as easy as knowing a few legal sounding terms and buying a form from Staples. Most attorneys do not even understand the potential complications involved. Please contact an experienced Real Estate Attorney, possibly one who also has a title agency, before you do something that you (or your family) will regret.