My question involves estate proceedings in the state of: Florida (with a 2nd property in MA)
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 1,000,000). By adding my name to all real property and assets, what tax implications (capital gains, gift, etc.) are we looking at?
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 1,000,000). By adding my name to all real property and assets, what tax implications (capital gains, gift, etc.) are we looking at?
Estate Planning Strategies: Does My Father Need a Will
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