How can I put my daughter on the deed to my house with me?

UPDATED: Sep 12, 2011

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How can I put my daughter on the deed to my house with me?

I would like to put daughter on the deed to my house along with mine, so that when I pass she will not pay any income taxes. Is this possible? I also do not want to share the tax deductions, interest or property tax with her if she can be on the deed. House and mortgage is in my name only at this time.

Asked on September 12, 2011 under Real Estate Law, Delaware


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If you want to place your daughter on legal title to the property that you have, one way of doing so in order to avoid any estate taxes at the present time is to do the following:

1. have the property appraised;

2. begin giving your daughter a fractionalized interest in the property by way of a gift deed in an amount equal to the maximum amount the Internal Revenue Service presently allows one to give tax free each year reserving a life estate in the property in yourself until the percentage of ownership that you have in the property declines to zero.

Before you engage in such a course, you may want to consult with an estate planning attorney about the best way to plan your estate in order to avoid estate taxes. Depending upon the amount of your estate, it may be below the unified credit for estate tax purposes. If so, you might consider letting your daughter inherit the property where upon your passing the property gets a stepped up basis.

Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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