Avoiding probate fees and/or capital gains on principal property for my parent.
My parent wants to add me to the title to avoid any potential probate fees or such upon death.
1. I own my own home (my principal residence). I also have an investment property.
2. my parent owns their home ( their principal residence)- no mortgage.
3. When my parent dies , hopefully as far from now as possible, I am planning to sell the home asap as I have no use for it and i do not want to rent it out.
4. I want to take advantage of my parent's principal residence exception to avoid capital gains etc.
5. I have two adult kids who have not purchased any property who live with us - eligible for 1st time home buyer. Either myself, my kids or one of them can be put on deed if it's more optimal.
Question. How do i do this to minimize my tax burden? When adding someone to a deed, how do we avoid capital gains on sale? Is it a Joint tenant or Tenants in common?
Thank you very much for any pointers you can offer.