How do I make surethat my daughtergetsmy house in the event of my death?
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How do I make surethat my daughtergetsmy house in the event of my death?
I am 63, single, buying first home. I have a single daughter. What about inheritance tax and her financial responsibility if I just put it in my Will? After she buys her home I will add her name to the deed on my house but what about in the interim?
Asked on October 10, 2011 under Real Estate Law, Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You should really consult with a Wills and Trusts attorney about the transfer of your home to your daughter upon your passing. Upon one's death, an item given to a third person such as a house through a Will or Trust gets a stepped up basis which is a big tax advantage for the beneficiary of the gift.
However, if you transfer an interest in your house through a deed to your daughter she would not get the tax advantage of a stepped up basis upon your passing. In the interim, I suggest that you have a Will giving the property to your daughter on your passing as well as have a power of attorney (springing) that comes in effect when you might not be able to take care of your affairs.
Good luck.
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