Question: My mom wants to add my name to her house.  How is this done, or should she just sell it to me for $1.00? My father just passed and my mom wants to remove his name and put mine on.  We are not sure how to do this.  Please help.

Answer: She probably had a probate attorney when your father passed, or at least someone who handled his will.  Transferring property for $1.00 could trigger massive gift taxes, among other things.  Simply doing a quit claim deed, putting the title from Mom to Mom and You could do the trick.  You'll likely also need to file the affidavit of survivorship and death certificate to remove your father.\n\nIf there was no attorney involvement when your father passed, find a real estate attorney or title company in your area.  Title companies will be cheaper, but may not be able to offer legal advice, depending on the company.  Get professional advice so you can avoid IRS complications, and to make sure the deeds are accurate.\n\nIt's possible that adding you to the title could change your cost basis when your mother passes, versus simply inheriting it.\n\nPaying $500 for an attorney could save you tens of thousands in taxes for goofing it up.
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