Can I Undo Recorded Deeds?
We are talking about whether you can undo any backyard estate planning. What do I mean by that? Well, a lot of people put their children’s names on title to a piece of property and think that’s the right way to go ahead and do your estate plan.
They’re going to forgo many tax benefits for that property and that person might find out today that they did this in a problematic way. Which I will tell them that there’s probably a way to undo all of that and make it all solid, and the way you do that is by transferring it back in a way that avoids reassessment, cause guess what?
When you transfer something back to a person who gave it to you, it could result in a reassessment. Another way is by doing a rescission deed. A rescission deed allows you to completely nullify a certain deed that was done by mistake or some other legal problem with it.
That’s a little bit harder but it can be done, and the benefits, of doing one of these two things, could be tremendous to the person who is inheriting the property, and that is why you should never put your, from the start, you should never put your children on property, very rarely there’s some instances, where I understand, but most likely you should not do it and if you’ve already done it, seek counsel right away, make sure to get the right advice on how to do this properly.
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