B
Blackadder
Guest
What is the name of your state? Florida
Husband and wife set up a revocable trust to include their two daughters. The trust's assets included a house whose deed had the two daughter's names on it. The daughters did not participate in the purchase of the house. The husband died and the daughters would like to remove their names from the deed so the wife can sell the house. The value of the house is $200,000.
1)How do the daughters remove themselves from the deed? Can the wife do it with a letter and a reregistration of the deed?
2) Would it be necessary to use a Quit Claim?
3)Should the daughters "Gift" their interest back to the wife?
4)Would there be any tax consequences to the removal of the daughters' names from the deed by any method?
Husband and wife set up a revocable trust to include their two daughters. The trust's assets included a house whose deed had the two daughter's names on it. The daughters did not participate in the purchase of the house. The husband died and the daughters would like to remove their names from the deed so the wife can sell the house. The value of the house is $200,000.
1)How do the daughters remove themselves from the deed? Can the wife do it with a letter and a reregistration of the deed?
2) Would it be necessary to use a Quit Claim?
3)Should the daughters "Gift" their interest back to the wife?
4)Would there be any tax consequences to the removal of the daughters' names from the deed by any method?