If there is a father with three daughters who currently wants to include the daughters on the deed of his home in an effort to avoid Probate down the line (Trusts are not an option), what would the tax implications of a Joint Tenancy with ROS be? More specifically, the daughters would not be paying any consideration for their interest in the home, so would there be a gift tax implication? Also, down the line, after the father passes (because the intent is purely for dad to live in the home for the remainder of his life), would the daughters receive a step-up basis for the home? In the tax world, would a JTROS or Life Estate make more sense for this transaction? Any advice is appreciated!
