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Warranty Deed to Child Reserving a Life Estate in the Parents Indiana Form

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Warranty Deed to Child Reserving a Life Estate in the Parents Indiana Form

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you should never add your children to your deed [Applause] this is perhaps the most common estate planning mistake I see people make at least in the top two throughout the State of Florida and I get the Instinct right the goal is I have my children I want them to own this property after I pass away this is my most valuable asset I want to make sure that it doesn't go through the Florida probate process so that makes the goal and the reason why people do it is completely understandable but there's a much better way to go about doing it because here's the thing if you add your children to the deed now before you pass away when you do pass away and they receive that home they are going to get a significant tax hit generally speaking the reason is because you lose the ability to obtain what's called a step up in basis if your children inherit the home after you pass away meaning they're not present owners but are only become owners after your death t

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