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The tutorial discusses adding individuals to a house deed as joint tenants with right of survivorship to avoid probate. This arrangement allows the added person to own the property outright immediately upon the death of the original owner, and vice versa. While it’s a convenient method for transferring property, a significant drawback arises when the property appreciates in value. For instance, if a house purchased for $100,000 is now worth $1 million, transferring it in this manner means the property is passed at its original purchase price basis, potentially leading to capital gains tax implications for the heirs.
