Most likely the exemptions would continue as long as she claims the property as her homestead. Also, if she elected to stop paying property taxes altogether, those taxes will be due on payable on her death, so be sure to have enough money to cover that.
However, you should consult a real estate or estate planning/elder law attorney to prepare or review the deed. Also, the mother may need other estate planning/elder law assistance as well that has not been considered.
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I agree with Mr. Koel. Upon the death of the parent, however, the tax situation will likely change. Keep in mind that a life estate preserves the rights of the life tenant for the remainder of her life. The deed should be prepared by an attorney to make sure it is done properly. This should not be an expensive service.
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Yes, so long as the property is owned by the parent and utilized/claimed as a homestead, that tax arrangement should continue undisturbed. When the the property transfers to the Parent's heir, it may not be a homestead anymore, and there will almost certainly be other taxes associated with the transfer as well. Depending on the Parents unique situation, there may be a more beneficial estate plan for you to minimize the tax impact of this transfer. This is definitely an issue to consult your attorney about in person so he/she can get the rest of the Parent's story and structure the best possible estate plan.