A: Yes you do! This is what we estate planning attorneys refer to as "trust funding". In this case, you will need to make sure you sign and record a new grant deed showing your trust as the owner of the property! And remember, if you forget to do this, your...
A: Although there may certainly be situations in which the use of a TOD Deed are appropriate, there are many potential pitfalls to be aware of: 1: TOD Deeds can only be used to transfer certain types of property: a) one to four residential dwelling units or...
A: The stated purpose of the TOD Deed, according to the author of the bill, is to allow seniors, low-income/fixed-income individuals, and individuals whose estates consist primarily of their home to avoid costly and/or complicated probates or trust administrations....
A: The Revocable “TOD” (“Transfer on Death”) Deed, introduced into law in 2016, was created as 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 sister could own an 80% interest as a tenant-in-common while you own a 20% interest as a...
A: Here are 7 reasons NOT to add your child to the title of your home: 1. CAPITAL GAINS TAXES. Your child will lose the full step-up in tax basis upon your passing, which could cost the child significantly in tax liabilities upon an eventual sale of the property. 2....
A: Yes, there are quite a few! Let’s assume you added your son as a 50/50 owner to your home: First, your son will only be able to receive a stepped-up tax basis on one-half of the property rather than a 100% stepped-up basis. Depending upon how long the property...
A: No. Unfortunately, despite its potential convenience benefits, the TOD Deed comes with numerous downsides. One of those downsides is that the TOD Deed can only be used to transfer the following types of California real estate: 1: a single-family home or condominium...
A: A life estate deed allows the recipient (the “life tenant”) to live on a given property for the rest of their life. The life estate deed must identify at least two separate parties: one who is the life tenant, and the other who is the “remainderman”, which is the...
A: Not necessarily! Depending upon how the new deed is drafted, your daughter may legally own the ENTIRE home upon your passing and she may not be required to share with her siblings! Make sure to speak with a qualified estate attorney if you are in the process of...
