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...
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”...
A: Unfortunately not; California does not recognize common-law marriages between long-term, cohabitating partners. The only way for your partner to protect you in the event of his untimely death is for him to put together a well-designed estate plan. If you have any...
A: There are three main options for California property owners that have low property tax bases who want to leave the properties to their children. 1: Do nothing. This allows your children to inherit the property and receive a stepped-up basis as of the date of death...
A: The law giveth, and the law taketh. Fortunately, if the original deed triggered a reassessment, we can use a “Rescission Deed” to return ownership to the previous owners (as if the previous deed had NEVER existed!). However, there are two CRITICAL...
A: One common example of a transfer that causes reassessment is when one sibling buys out another after inheriting a piece of property from their parents. Although the initial transfer from the parents to the children does not result in reassessment...
A: Under Prop 13, property taxes can only be increased a MAXIMUM of 2% annually (until the property is transferred). In practice, this law is so critical because property values in California have historically increased by far more than 2% per year,...
