<prompt> Human: Hello. Im new to reddit. A friend said I should post my question on here. I currently am paying a mortgage on my own home. My Mother is cash buying an investment property-- a small condo and wants to put my name down as a co-owner. Her rationale is that if she passes it will make asset transfer easier. Shes only 65, so I assume shes got a couple more decades to go, at least, but the logic makes sense. She also owns another house that she wants to add my brothers name to. so each kid is a co-owner of a property with Mom. My questions are:-Does this have any tax implications for my brother and I? -Does this effect my homestead exemption in any way?-Other concerns to consider?My instinct is that she should be the sole owner but state how she wants to divide her property in her will which she has yet to draft. Sigh. Thats another issue. Getting her to even being thinking about a will has been a struggle. Thanks.  <response>: Her rationale is that if she passes it will make asset transfer easier. Her rationale is completely wrong. If she passes and has less than 5.49 million in assets the amount also increases every year with inflation, there will be 0 federal estate tax.BUT if you do some fuckery with titles, there are many ways that you could end up owing tax.Example:Mom buys house worth 250,000 and when she dies in 20 years the house is worth 500,000.If she just put the house in her will, your basis in the house when you inherit it is 500,000 and when you sell it for 500,000 you owe 0 in income tax.If she puts your name on it now, your basis in the house is the same as hers, 250,000. When you sell it for 500,000, you now owe federal income tax on 250,000. Depending on your income, this just cost you 37,500 at 15 or 50,000 at 20.And thats just one example. You can mess up all sorts of things with plans like this. Please dont do this. 