Children on title of parent's house

My husband and I added our names to title of dad's house 3 years ago and
value was stated as 250,000.  We have nothing to do with house other than
making the transfer at his death easier with our names on title.  The
waterfront house is now valued at 600,000. If dad dies and house becomes
ours will we have to pay tax immediately on it? We have our own house and
huge morgage on it but will rent his out and keep it til we retire if we
can.
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david ingram replies:
Putting your name on the title is a good idea for probate but extremely
lousy for income tax purposes if the house is considered yours.
However, your email indicates that you did not and do not consider it to be
"your" house and you are merely holding part title for probate purposes.  If
so, and you are just a trustee, there is no tax on your father's death.
Your lawyer or notary should have prepared a separate document wherein you
and your husband stated and agreed that you were simply holding the house in
trust for your dad and would not pledge it or encumber it or use it as an
equity or list it as an asset.
Go back to your lawyer or notary and get him or her to prepare the document
now.
If your lawyer or notary does not "get" it and you are in BC, Bill Spohn at
(604) 926-8681 or David Stoller at (604) 922-4702 are two West Vancouver
lawyers who could help you.
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