I want to add my daughters name to my lake lot. It is an unimproved lot and is paid for. It is to be hers when I pass and hope to avoid probate this way. Any suggestions?
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I want to add my daughters name to my lake lot. It is an unimproved lot and is paid for. It is to be hers when I pass and hope to avoid probate this way. Any suggestions?
Put her name on it and if she ever has a falling out with you she can force a partition sale.. or if she gets into serious financial trouble before you pass its an asset that can be gone after...
Lots of advantages of inheriting something.
Can I do this myself. I am in Texas.Quote:
Originally Posted by smoothy
How much is the property currently worth.. So we know if she would have to pay taxes on it or not.
At the top of the Real Estate Law Forum there is a sticky post that explains how to add someone to your deed. You can read it at https://www.askmehelpdesk.com/real-e...ed-569716.html
However, as Smoothy said, you may be better off writing a will and letting her inherit it. In any case, it is a very good idea to speak with an accountant and/or attorney before doing this.
Currently the apprasial district has $42.00 a year on taxes. There was a fire out at Possum Kingdom, you may have seen it on news, that wiped it clean. Before the fire it was about $10,000.Quote:
Originally Posted by smoothy
It isn't worth enough to worry about probate. She won't owe any inheritance tax to the feds. I don't think Texas has a state tax? But it's easy - go to town hall and ask, find a notary, and you are done. As long as there aren't other siblings to fight with her.
No, the news about Possum Kingdom Lake has been really poor here lately. Almost as though the local newscasters had never heard about it.Quote:
Originally Posted by trdbnlne;
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