Posted on: 10th Nov, 2008 01:59 pm
In 1987 we purchased a home in the state of California, county of San Diego, as "husband and wife as joint tenants."
She died intestate in 2001 and since she had no other assests or liabilities, I didn't probate her estate at that time.
Today I want to change the title on the home so as to place it into my revokable living trust.
However, if at all possible I don't want to loose half the federal tax basis on the property.
How do I change the title so as not to loose half the basis on the property or suffer other negative federal tax consequences?
Do I have to put my deceased wife's estate through an expensive probate so as to gain the assistance of a probate judge in making declarations and changing the title?
Or can I just record some forms with the county recorder?
She died intestate in 2001 and since she had no other assests or liabilities, I didn't probate her estate at that time.
Today I want to change the title on the home so as to place it into my revokable living trust.
However, if at all possible I don't want to loose half the federal tax basis on the property.
How do I change the title so as not to loose half the basis on the property or suffer other negative federal tax consequences?
Do I have to put my deceased wife's estate through an expensive probate so as to gain the assistance of a probate judge in making declarations and changing the title?
Or can I just record some forms with the county recorder?
Hi Cecil!
Welcome to forums!
Your query has been answered in the given page:
http://www.mortgagefit.com/propertytransfer/about35468.html#152793
Take a look at it. Hope it helps you.
Sussane
Welcome to forums!
Your query has been answered in the given page:
http://www.mortgagefit.com/propertytransfer/about35468.html#152793
Take a look at it. Hope it helps you.
Sussane
what is the time frame
Hi Eddie,
Your query is not clear to me. It would be better if you could explain your query in details.
Thanks
Your query is not clear to me. It would be better if you could explain your query in details.
Thanks
I am in Texas---my Husband did a title change with a gift warranty deed to Husband and Wife--it states all of the parcel(home description) included--hoping if something happened to him i would be ok----as i am in Texas what is it----seperate property or community property---do i/he have right of survivorship??
Hi minerva,
Texas is a community property state. As your name is mentioned on the property deed, you would be able to claim the property upon your husband's death. In case of a divorce, you can even claim a share from the equity in the property.
Texas is a community property state. As your name is mentioned on the property deed, you would be able to claim the property upon your husband's death. In case of a divorce, you can even claim a share from the equity in the property.
before my wife passed we bought a house with my g.i. bill. she had me get a quit claim deed when she went to remodel the house. we re-financed and now she has passed away. what rights do
hi harry,
if your name is mentioned on the property deed, then you will be considered as one of the owners of the property and you can stay in the property. however, if your name is not mentioned on the property deed, then you'll have to contact the county recorder's office and get the property transferred in your name. once the property is transferred in your name, then you'll be able to stay in the property. you can even refinance the mortgage in your name and pay off the dues on time.
take care.
if your name is mentioned on the property deed, then you will be considered as one of the owners of the property and you can stay in the property. however, if your name is not mentioned on the property deed, then you'll have to contact the county recorder's office and get the property transferred in your name. once the property is transferred in your name, then you'll be able to stay in the property. you can even refinance the mortgage in your name and pay off the dues on time.
take care.
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