My wife passed 2 1/2 years ago and her son is living with me. Can I take her name off the title, and add my step son as co-owner. I need this this save the home without inheritance taxes purposed. I still have a small lien on the house.
Answer
This would be a taxable event and potentially change the valuation on your home and could constitute a gift for which gift taxes would be do. Seek some legal guidance on whether this is the best method for transferring the property upon death. There are other vehicles that wont trigger tax consequences like a trust.
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