How do I remove one deceased parent from home title/deed and then change it to myself and sibling?: My father passed away years ago but we never got around to removing his name from the house's title/deed. My mother would like to have my father's name removed. His name still appears on property tax bills, etc. The home was owned in joint tenancy with my mother. In addition, my mother wants to change the home's title/deed to my brother and I (gift, not sale). Trying to figure out if I can do all this myself or have a professional do it (how much would that cost). Thanks!!
Janet’s answer:
I agree with Ms. Peters that you need to consider other issues if your mother is thinking of gifting the real property to you and your sister - depending upon what your mother's "cost basis" in the property is, you might be setting yourselves up for having to pay a large capital gains tax at some point in the future if your mother simply gifts the property to you.
As Ms. Peters pointed out, there are a number of other issues that you might "trip over" if you go the do-it-yourself route. Having your mother consult a lawyer before she makes a gift to you could save a lot of tax and legal expenses in the future.
Can I give my house to my grandson?:
my husband died 6 years ago, we had a living trust together.the trust says there's a marital trust and a nonmarital trust. I see that the nonmarital trust is irrevocable.
OUr trust says everything goes to our children when I die.
Can I still give me house to my grandson instead of my children when I pass? or am I not allowed to since the nonmarital trust is irrevocable?
Janet’s answer: You should also be aware that if your grandson's parents are alive, property taxes on the portion of the house that you give to him will increase - there is a grandparent/grandchild exclusion from reassessment in California, but it requires that the grandchild's parents be deceased (there are some exceptions that may apply).
My brother just recently passed away without a will?: My brother just recently passed away and didn't have a will. Will his estate have to go through probate? He didn't own a home and only had a 95 Chevy van and his personal items. His personal items are his clothes, etc. Do we have to wait to donate his personal items and his van? He was not married or have any children.
Janet’s answer: Actually, the $150,000 amount has been adjusted for inflation and this year it's $166,250. So if his assets are worth $166,250 or less, Mr. Gaffney's answer is correct.