name on title of your house:
1. If you want to sell it later, only the one whose name on the title needs to sign
2. Property bought after marriage belongs to both spouse regardless of whose name on it.
3. It's an effective estate planning strategy. If the one with title dies first, $1.5 million estate exclusion can be used against his estate. If both names on title, the property passes to the surviving spouse automatically. You lose the $1.5 million exclusion. If you want to sell it then, you will have recognized a much bigger gain and pay tax on it.
Please correct me if I'm wrong.
1. If you want to sell it later, only the one whose name on the title needs to sign
2. Property bought after marriage belongs to both spouse regardless of whose name on it.
3. It's an effective estate planning strategy. If the one with title dies first, $1.5 million estate exclusion can be used against his estate. If both names on title, the property passes to the surviving spouse automatically. You lose the $1.5 million exclusion. If you want to sell it then, you will have recognized a much bigger gain and pay tax on it.
Please correct me if I'm wrong.
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