Q: Question about quit/claim deed.
My parents have house in Florida. My dad died. My mom would like to add myself to her deed. Would I have to pay inheritance tax on this property? My mom also has it in her will the house is mine. She also wants to continue her insurance policy that would be grandfathered to me as well as long as my name was already on the deed. The previous deed was my grandparents using assignment of Proprietary Lease with joint tenants that is how my parents acquired the property. Is that the same thing as a quit/claim deed? Please advise.
A: To advise on the Deed used for the Florida property, it would be best to consult a Florida real estate attorney. Does your mother reside in the Florida house or does she live in Pennsylvania with just a second home in Florida? Additional information would be needed to provide an accurate response. Generally, there are pros and cons to being added to a Deed for real estate as opposed to passing the property to you through the probate process. I would suggest also consulting with a Pennsylvania estate planning attorney for both yourself and your mother (assuming she resides full-time in PA also). Some of us provide free consultations so you are able to select the attorney you feel most comfortable with. Good luck!
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