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In this segment, the discussion centers on adding individuals to a house deed as joint tenants with right of survivorship to avoid probate. This arrangement allows the added person to inherit the property immediately upon the original owner's death. However, a key drawback is the tax implications; if the property has appreciated significantly in value, the inheriting individual will inherit it at the original purchase price, not the current market value. For example, if a house bought for $100,000 is now worth $1 million, the son would take over the property at the original basis, potentially leading to unfavorable tax consequences.
