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Will adding your name to the title of your parents' home prevent you from having to pay extra taxes when they die?
Wiki User
∙ 17y ago
Yes. If it is done correctly the home will not be subject to probate procedures and therefore not subject to taxation. The best option if allowed by the state in which the property is located is Joint Tenants With The Right of Survivorship, (JTWRS). This is accomplished by the parents signing and recording a quitclaim deed from themselves to themselves and the child (person) who is to become the co-owner as JTWRS. Each named person becomes an equal share property owner and the property is exempt from probate and taxation upon the death of any owner.
Wiki User
∙ 17y ago
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ya
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