Carlos Danger
Junior Member
PENNSYLVANIA - My mother owns her home, no mortgage or secondary loans, as well as a moderate amount of other assets. These assets are mostly in the form of mutual funds. She plans on leaving all to her two children, splitting everything 50/50. My brother plans to move back into her home in the next year. He intends to remain in the house after the eventual passing of my mother, using it as his primary residence. My question revolves around how best to minimize state taxes on the estate for my brother and myself. Should his name be added on the deed now in order to take the house component out of the tax burden? Would it be better for both he and I to be on the deed, as her will indicates a 50/50 split? Would placing his or both names on the deed now actually achieve the desired tax reduction? Would there be deed transfer fees involved in doing so? I should mention that I live out of state. My brother and I have an understanding that when my mother passes, he would get the house and his portion of the remaining assets which would be 50% of her total assets minus half of the value of the house. This would in effect split the estate 50/50.