michaelpd
New Member
- Jurisdiction
- Florida
My father has begun the process of estate planning for after he has passed. In an effort to avoid probate, he added my name to his house in FL (primary residence) about 4 years ago, and is planning on adding my name to his house in MA (secondary home where I currently live with my family) as a JTROS. He is also planning on adding my name to his car and to his bank accounts/life insurance/401k's as either a joint account holder or a beneficiary.
His main concern is that I have an estranged brother who he feels might challenge a will, if one exists. The question remains, should he have a will drafted that specifies that I am to inherit his estate 100% and name my brother as a child who is entitled to 0% (to avoid my brother saying that he was erroneously left out), or does that just provide said brother with grounds to contest? I've seen that FL has no estate or inheritance tax, and MA has estate tax on estates valued at $1 million or more (his estate is valued less than this). By adding my name to all real property and assets, am I looking at any tax implications beyond a gift tax on his 1/2 of the MA house upon sale?
I know this was fairly long winded, so thank you for your advice in advance!
His main concern is that I have an estranged brother who he feels might challenge a will, if one exists. The question remains, should he have a will drafted that specifies that I am to inherit his estate 100% and name my brother as a child who is entitled to 0% (to avoid my brother saying that he was erroneously left out), or does that just provide said brother with grounds to contest? I've seen that FL has no estate or inheritance tax, and MA has estate tax on estates valued at $1 million or more (his estate is valued less than this). By adding my name to all real property and assets, am I looking at any tax implications beyond a gift tax on his 1/2 of the MA house upon sale?
I know this was fairly long winded, so thank you for your advice in advance!