Is there a deed that would allow my father to add me to the title of his house without refinancing and without losing property tax credit?

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Is there a deed that would allow my father to add me to the title of his house without refinancing and without losing property tax credit?

My father owns a house in Florida. The balance on his mortgage is approximately $60,000. He is having financial difficulties and I would like to help him out but want to ensure that I would solely inherit his house upon his death and not split it with my brother and with the consent of my father. I am wondering if there is a deed that can be filed to add my name to the title without re-financing the mortgage and without losing the property tax credit my father now gets.

Asked on January 4, 2012 under Real Estate Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The best way to structure what you want to do is to consult with an experienced real estate attorney to assist you and your father. Most likely transfer of property from parent to child may exempt the property from reassesed property taxes.

One possibility is to place the property of your father in a family trust by way of a grant deed. You and your father then enter into a written agreement where you purchase over time a percentage in this property held in the family trust.

The family trust per amendments would then reference your increased ownership in the property that you are writing about as you make payments on it. It all depends upon the best way to structure the transaction from a tax and estate planning perspective.


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