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I have been living with and caring for my parents for over 35 years. My father's will gives the house equally to both me and my sister. She and her husband own their own home. She stated that she will relinquish her share to me.


I would be responsible for all expenses, maintenance, taxes, etc.


When the time comes, my will gives all real property to her. What would be most advantageous (liability/inheritance/taxes/probate) way for the title to be worded?

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I strongly advise talking to a lawyer about this.
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You really need to see an attorney because laws differ so much state to state. In my home state, a deed in your name with a transfer on death to your sister would be the best way to avoid probate and inheritance taxes on the house from your death.
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Hurdenlooker, as others have written, these are definitely issues that should be presented to an attorney (not to an online forum).  You need someone skilled in estate planning, not necessarily elder law.   That attorney should be knowledgeable as well in the legal fields you cited, not just elder law.   

Retitling assets for inheritance is not for inexperienced or nonlegal people.   Play it safe; invest the money and get it done properly.
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Echoing TNtechie. There's just no reason for probate. Check with lawyer about a Transfer on Death deed (it's real easy and inexpensive), or perhaps check into a living trust. They're not hard either and very effective for all manner of property including finances.
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In my case my brother inherited the house. He lives out of state and didn't want it. I had to hire a lawyer to have him denounce his inheritance and to have it revert back to the estate. When the house sold, proceeds were split 3 ways.
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I agree that you should talk to a lawyer. They should know what questions to ask so you can work out what your choices are and what unintended consequences may result.

Your sister can probably disclaim, then the house would be in 100% your name. She would have no responsibility for it. She (and her creditors, ex-spouse, anyone with a liability claim) would have no claim on it. You could borrow on it (probably not a good idea) leave it to someone else, or leave it to her. If you leave it to her, your state may allow a transfer on death deed, or you may want to do a living trust to avoid probate. If it is likely to increase greatly in value and be sold after your death, then it may be important to note that the step up in basis would apply to 100% of the property value if it is entirely in your name, so the capital gains tax would be less when it is sold.

Or are you asking about being joint tenants or tenants in common?
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