A: It often comes down to how title was held. With joint tenancy, you only get a step-up in basis on your spouse’s half, while your half keeps its original basis, which can leave significant taxable gain when you sell. With community property with right of...
A: Yes! In California, two individuals can take title to real property as tenants-in-common, and in whichever percentages the owners agree on. Your sister could own a 30% interest as a tenant-in-common while you own a 70% interest as a tenant-in-common, for instance.
A: These are your three options: 1. Record a revocation 2. Record a new TOD deed 3. Record a deed transferring the property to a third party or a trust Remember: a TOD deed cannot be revoked by a will!
A: In California, a rescission deed can reverse a property transfer that unintentionally triggers a property tax reassessment. This legal tool restores the title to its prior state and may eliminate the unintended long-term property tax consequences associated with a...
A: The Revocable “TOD” (“Transfer on Death”) Deed, introduced into law in 2016, was created as a new probate-avoidance strategy available to Californians. Specifically, the Revocable TOD Deed allows individuals to transfer, effective only upon death and outside of...
A: Yes, you can! In California, two individuals can take title to real property as tenants-in-common, and in whichever percentages the owners agree on. For example, your brother could own an 80% interest as a tenant-in-common while you own a 20% interest as a...
A: Record a revocation Record a new TOD deed, or Record a deed transferring the property to a third party or a trust And remember: A TOD deed CANNOT be revoked by a will!
A: You're in luck! California's Revocable Transfer on Death Deed (RTODD) offers a cost-effective shortcut to leave your home directly to your heirs, bypassing the expensive and lengthy probate process. Depending on the individual circumstances of each client, this...
A: No! Under recent law changes, the TOD deed now needs to be both notarized and witnessed by two disinterested parties (the Notary Public may act as one of the witnesses). Moreover, in order to be valid, the TOD deed must be recorded within 60 days of the...
A: Yes, you can! In California, two individuals can take title to real property as tenants-in-common, and in whichever percentages the owners agree on. For example, your sister could own an 80% interest as a tenant-in-common while you own a 20% interest as a...
