Q: My wife and I purchased our rental in 1988, and we are on title as joint tenants. Should we change the way we hold title?

| Apr 21, 2021 | Q&A, Title and Deeds |

A: Yes! In fact, married California property owners have had a chance to hold title as Community Property with Right of Survivorship since 2001; it offers all the benefits of survivorship combined with the tremendous tax advantages associated with the “double step-up” in basis at the death of the first spouse. In this case, because the property has appreciated so much since 1988, just drafting and recording the new grant deed could potentially save you or your wife hundreds of thousands of dollars in capital gains taxes should either of you need to sell it after the other one has passed!

If you have any questions about this, please feel free to reach out to us (707-681-5851 or [email protected]) or set up a complimentary consultation at your convenience by clicking on the following link: https://MyNapaLawyer.as.me/