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Bearffut
Aug 14, 2009, 04:33 PM
I own my home, no mortgage, am divorced and have only one child. I live in Texas and want to know how to add my son's name to my deed. He is beneficiary on everything else I have and I have no will as I don't want him to have to go through probate. If I add him to my deed will the house automatically pass to him in the event of my death?

AK lawyer
Aug 14, 2009, 08:43 PM
Yes, if it's a joint tenancy with right of survivorship (or called tenancy by the entirety in some places).

ScottGem
Aug 14, 2009, 08:50 PM
The problem with doing this is that you are making a gift of half the value of the house to your child. This can cause tax consequences to you.

Bearffut
Aug 15, 2009, 09:07 AM
The problem with doing this is that you are making a gift of half the value of the house to your child. This can cause tax consequences to you.

What tax consequences are you talking about? The value of the house is less than $100,000 so there shouldn't be any gift taxes.

ScottGem
Aug 15, 2009, 09:40 AM
There is a limit of 13,000 per person per year that you can gift without tax consequence. There is also a lifetime exclusion, that you would probably qualify for.