As always, I advise you to obtain legal counsel from an attorney....this blog is intended for discussion and education, it is not legal advice.
Making sense of illness, death and taxes through the eyes of Attorney and Author, Melinda Gustafson Gervasi
Wednesday, August 3, 2011
Real Estate Transfer Form and Fee
Recently I worked with some return clients who wanted to adjust the deed to their home. It was listed in both names, but as an unmarried couple and without the phrase "right of survivorship", the house would be subject to probate upon the first person's death. So, they opted to re-title it "joint tenancy with the right of survivorship". A quick call to the Wisconsin Department of Revenue confirmed that simply re-stating how title is held does NOT trigger the need to file a Wisconsin Real Estate Transfer Form and Fee; there was no actual conveyance and it was exempt. My overall point? Check with Wisconsin DOR before adding or adjusting names on a deed....you want to make sure you are not missing a filing fee or requirement.
Labels:
Deed,
Tax Issues
Melinda Gustafson Gervasi is a Madison attorney and author whose current practice focuses on estate planning and probate. She is committed to increasing the public’s understanding of estate planning and probate issues. In 2013 she released her first book, Middle Class Philanthropist where she illustrates how anyone can leave a legacy. Gustafson Gervasi Law Office, LLC, 5555 Odana Rd., Suite 205, Madison, WI 53719
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