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Andrews Bongar Gormley & Clagett
7,151 followers
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Southern Maryland first responders give so much to their community. So Dave Gormley joined some other lawyers and gave up a Saturday to help provide them with free estate documents. Working with the Wills for Heroes Foundation lawyers from the Charles County Bar Association and around the state met with local first responders at the LaPlata Town Hall.
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Here is the usual situation – you own a house or other piece of real estate that will be inherited by your children. You desire to pass that property onto your children without fear of taxes or probate. So, you call a lawyer to deed the property over from yourself as sole owner, to yourself and your children as joint owners. That way, when you pass away, your children are the owners of the house and you didn’t have to go through probate.
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We get a LOT of calls from people who want to add their children or another family member to the deed to their house. They have the best intentions – but they may be making a giant financial mistake!

You need to seriously consider the tax and financial implications of adding someone to the deed to your house.

The purpose of this post is to make people aware of the possible consequences, and to make sure they have thought this through before taking action.
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Your taxes are a fantastic summary of your financial information. Armed with that summary, now is the best time to sit down and perform a top to bottom review of your legal and financial situation.
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