Legal Question in Wills and Trusts in Florida
Adding Mom to deed
My wife and I recently received our neighbors house from his trust. We want to move her mom into the house and add mom to the deed for homestead deduction. I was told it's better to make moms trust the sole owner instead of putting her on the deed with us. Which is better--have the 3 of us on the deed as JTWRS or put all of it into moms trust?? My wife is the successer trustee, the only child and will receive all of moms assets. Mom will be the only person living in the house.
1 Answer from Attorneys
Re: Adding Mom to deed
i would suggest you think about your need for a integrated estate plan rather than focus on one small property tax deduction for homestead.The issue comes up when you discuss the gifting(gift tax issue) to transfer the property to moms or her trust.If you need help with the larger picture call me at my office or send me an e-mail as to how I can reach you.
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