Hi Everyone, this is Mary Ann here over at Re/Max College Park.

So, your parents own a home, they want to put you on title as a child so that they don’t have to go through probate, you would just inherit the property. But in the process of them living there, if they decide to sell it, you could have a tax consequence for owning a piece of property that they live in.

Your parent, if it’s one person could actually get the benefit of a $250,000 tax relief. Or if it’s 2 people it’s $500,000. But you as a person on title would end up having to pay additional taxes because the value of the property has gone up since the last time you were put on title.

So the best thing to do is put it in trust. Don’t worry about probate. Even if it’s just one house, put it in trust. It will cost $1,000 or a little more. It’s worth it and that way you don’t have to worry about probate.

Give me a call if you have any questions about this, I’ll be glad to answer and I’ll be glad to refer. Thanks a lot guys talk to you soon.