Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Real Estate Law (https://www.askmehelpdesk.com/forumdisplay.php?f=29)
-   -   Quit claim in Maryland (https://www.askmehelpdesk.com/showthread.php?t=722784)

  • Dec 15, 2012, 01:31 PM
    MJfromMD
    Quit claim in Maryland
    I want to add my name to my mom's property deed. I am in line for the inheritance of it already but don't want the state to cash in for their usual lions share, should she die. There is no mortgage - title is free/clear.
  • Dec 15, 2012, 01:46 PM
    ScottGem
    What makes you think the state will cash in? There is no tax on property left to a child. Maryland Estate Taxes - Inheritance tax

    In fact, it might cost more, because if you were to add your name to the deed, that constitutes a sale. For mom to sell the property to you, you would have to buy your share at fair market value. Now mom could take a mortgage from you for your share and then forgive a portion of the mortgage each year.

    I strongly suggest you contact an tax specialist and real estate attorney for the real ramifications of this.

  • All times are GMT -7. The time now is 02:45 AM.