Legal Question in Real Estate Law in Maryland

No, you shouldn't do this for tax reasons. If you do it before you die, the children's share of the property will have the same tax base as yours. In other words, if you bought the property for $100000 and didn't make any significant improvements, and it's worth $500000 when you die, if you give it to your children and they sell it when you die, they will pay capital gains tax on the $400000 gain at 15%. But if you leave it to them in your will, and they sell it just after you die, they will pay no capital gains tax when they sell it, because presumably it will sell for whatever it was worth at the time of your death.