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Hi Josh, My mother is about to close escrow on a house she bought with cash

Hi Josh, My mother is about to close escrow on a house she bought with cash

Hi Josh, My mother is about to close escrow on a house she bought with cash here in CAlifornia. Her plan is to give this property in the future to me and was wondering what is the best way to hold title and whether the title be vested since our concern is the tax implication in transferring title in the future? I hope you can asisst in this process.


clim30's picture
clim30
8-02-2011

2 Answers
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Hi clim! Welcome to forums! In regards to the tax implication of property transfer, you need to contact your tax advisor and take his opinion in this matter. Feel free to ask if you've further queries. Sussane

smith.sussane | Asked on 2011-11-17


1
Joint tenants is the best way.  That way the property is your when she passes, enabling you to bypass the Probate process.  Alternatively, Title can be in your name and you can give her a Life Estate.  That'd transfer Title into your name too, when she passes.

raymond | Asked on 2011-11-18

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