Death and Taxes: The Estate Planning Pitfalls of Adding Children as Co-Owners. Add language to the deed specifying what percent of the property you and the person you are adding owns, if necessary. Adding your names also requires the assistance of a lawyer to change title on the property. You may not claim any other person as a member of family. You may unintentionally create a taxable profit for your heir. For example, a quit claim deed might be used in a divorce where one spouse receives the family home as part of the divorce property settlement. If the value of the gift exceeds the annual exclusion limit ($14,000 for 2016) the donor will need to file a gift tax return ( Form 709 ) to report the transfer. Whenever there is a change in the ownership of a property, it gives the tax assessor the right to adjust the value of the property and increase the property taxes. Many property owners add their children and other family members to the title of their property without thinking through the consequences. The latter takes credit and income information under consideration, which could change the conditions of your mortgage loan. Changing The Ownership of Florida Real Estate. This means of transfer does not require a lawyer, which makes for a faster process, and is generally used when a property is gifted to the recipient. If you want to change a deed or add someone to a deed (a new spouse, child, other family member, or significant other), that can normally be accomplished in 3 … Spell out ownership percentages only if the parties involved are to … How to add a family member to a deed, and where to go to do it.. Dad and mom are on deed . The difference between adding your spouse to the title and transferring the title to a private party (such as when selling/buying a vehicle), is that you, the current owner will act as both a seller and a buyer in terms of the signatures and "buyer" information required on the title. Otherwise, there is a presumption that the ownership interest will be equal. Parents might use a quit claim deed when transferring property … Many seem to favor joint tenancy—a convenient way to ensure that assets will ultimately pass to family members without the need for probate and other costs. So legal fees are payable now. To do this in Florida, you can either use a quitclaim deed or refinance the home. Adding a family member to the deed as a joint owner for no consideration is considered a gift of 50% of the property’s fair market value for tax purposes. Dad wants to add a son that has child support in arrears. ... and title to the property can remain in the name of the trust. So, adding your names potentially increases the family tax payable. A quitclaim deed offers the least level of buyer protection and is generally used for title transfers between family members or to clear a defect on the title. Quit claim deeds are most often used to transfer property rights between family members. A transfer of real property on death receives a stepped-up value to current market value, for capital gains purposes, Grier said. When transferring property amongst family members or parties with an established relationship, a Quit Claim Deed is often the go-to choice. Helping clients with real estate matters since 1994. If you add someone to your property, it may be viewed as a gift of one-half the value of the property. If you are adding someone to the title who is not an immediate family member, this could result in higher property taxes. 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