f you sign your Florida home over to your children while you are alive, such as through a standard quitclaim deed, the Internal Revenue Service (IRS) treats the transfer as a lifetime gift. Under federal tax law (IRC § 1015), this forces your kids to inherit your original purchase price as their tax baseline, known […]
Tag: Property Transfers
Florida Property Deeds & Titling: Choosing the Right Ownership Structure to Avoid Probate
The primary property deeds used in Florida estate planning are Warranty Deeds, Quitclaim Deeds, and Enhanced Life Estate Deeds (commonly called Lady Bird Deeds). While a deed physically transfers legal title to real estate, the way ownership is titled determines a lot. For example – whether your home must pass through Broward County probate court […]