What is the best way to take ownership of real estate I intend to pass on to my heirs?

The answer to this question really depends upon your specific circumstances and goals when it comes to the real estate. Here are some items that you might want to consider. First, is it homestead property or non-homestead property? If it’s homestead, here in the state of Florida, generally we recommend taking title in an individual name or, in the case of husband and wife, husband and wife name as tendencies by the entirety.

Second thing you might want to consider, if it’s non-homestead property, am I concerned about asset protection? If it’s a second home, maybe that’s not such a big deal, but if it’s a rental property, then you should be concerned about protecting your assets. A third item that you might want to consider is if there’s some sort of wealth transfer goal or strategy involved here. Where do you want the property to go someday when you are no longer alive? Fourth, of course, you always want to consider tax consequences.

These are all items that a competent attorney can help you with, and I highly encourage you to talk with an attorney to answer the question as is best for your circumstances.