Legal Question in Real Estate Law in Florida

If I do a quitclaim deed from myself to myself and my son and daughter in law, do I lose all rights in my property prior to my death

Asked on 8/28/13, 10:54 am

1 Answer from Attorneys

Byron Petersen Byron G. Petersen P.A.

No. You do not loose all your rights but your loose the right to alienate (sell) the property or even lease the property without everyone's consent unless you draft a concurrent contract that says otherwise.

And this can be a problem. What happens if your son and daughter in law get divorced? Families unfortunately find themselves in nasty legal disputes all the time. You might want to quit-claim to your son, only, without involving your daughter in law.

If there is ever a dispute (such as a "dead-lock" over the proper use or disposition of the property) you may have to file a "Partition" action to divide up the property and sell the property in a manner supervised by a judge.

If this is an estate-planning tool you simply must talk to a real estate attorney and/or a probate (elder law) attorney. For example, it might be better to quit claim your property to a corporation or LLC (or even a partnership) providing you with 51% of the company's shares and your son and daughter in law 49%). Retaining that extra "1%" allows you to remain in charge and in control. And, there are most likely tax consequences dependent on the legal status of the transferee(s). "Capital Gains" and the calculated "tax basis" come to mind.

There should, also, be a written contract as to how maintanance and taxes and assessments are to be paid.

I am not sure if I see too many benefits to be derived from your planned course of conduct.

The above is not a legal opinion upon which you can rely. To obtain a proper legal opinion you must formally engage attorney(s) and meet with them face to face. Real Estate and Elder Law attorneys are your best bet.

Byron Petersen

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Answered on 8/31/13, 12:22 pm

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