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Business for Friday, January 30, 2009

No need to put daughter on deed

Dear Len & Rosie, My husband passed away in 2004. Both he and I are on the deed to our home. I already have a living trust and a pour-over will made out with my daughter inheriting the home. If I changed the deed and had her name added to the deed, would this assure her that the house wouldn’t go into probate? Or should I leave the deed as it is right now? Maybe the house is worth about $350,000 or $400,000 now. What would the tax ramifications be for me and for her. -- Anne

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