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Adding Daughter's Name |
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how & can i add my daughter to our warranty deed on our house as tenants in common with the right of survivers,and how much will it cost? |
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You would sign a new deed naming the two of you as owners in whatever fashion you wanted, and have the deed recorded. I would point out that tenants in common don't have the right of survivorship. Sounds to me as if you need some advice and information from a lawyer, to make sure you accomplish your goal, and that you understand all the possible drawbacks. Some are related to tax consequences when the property is eventually sold -- if your daughter doesn't live with you, there could be capital gains tax due when you sold. If your property has grown a great deal in value since you bought it, she could face capital gains tax, some time in the future, that she wouldn't have if she'd waited to inherit. Then there's the liability of her share for liens if she had judgments placed against her, which could make it difficult if and when you wanted to sell. I'm not saying you shouldn't do it, only that you should dicuss the whole matter with an estate-planning attorney, who can know more about your whole situation, before you take any action. A lawyer can handle the simple transfer of title if you do decide to go ahead. |
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Edith Originally published on August 9, 2007 |
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