Legal Question in Elder Law in Florida

Re: will trust

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First, you may wish to advise dad to update his will. Second, dad could execute a Quit Claim Deed to you while reserving a life estate to himself. While this would avoid probate, it may not be in your best interests as you would lose the stepped up basis on the property. Thus, when you sell the home, you may substantially greated capital gains taxes to pay if the property has gained in value since the original purchase.

Scott R. Jay, Esq.