Deductions & credits

@j-b-duckett You really do need to consult with a local estate planning professional (preferably a local attorney).

 

Depending upon state law, you might wind up in probate court which can be a hassle and you and your husband will incur additional expenses.

 

There are other options beyond having your mom simply use a quitclaim deed to gift you and your husband her share of the property. For example, a deed could be drafted in which your mom would hold her share (one-third) as joint tenants with rights of survivorship with you and your husband while maintaining the TIC form of ownership for you, you husband, and mom for the other two-thirds.

 

There are several other options as well, such as a transfer on death deed.