We'll help you find the right solution for your needs
Does this sound like your topic?
He has a mortgage and just wants to add us as joint tenants for the Survivorship rights.
Is this a good idea? Any downside? Is it possible that we could suffer ill effects from County Property tax or even worse, Federal Gift Tax (as some websites have suggested)?
He will remain on the title as well. Also, I called the county and they said there are several different documents that can accomplish this (quitclaim, grant deed, etc.) Which is the best and why? Where could I find a template to accomplish this?Note: County of Riverside said No reassesment. I am confused regarding gift tax and basis, etc. I don't really understand where forgiveness of indebtedness comes into play. Will it matter since he just bought the property and thus has little to no equity? (small 3.5% downpayment). Also, is it a parent-child exclusion since he is remaining on title as well? (only now as a joint tenant) Is it problem if my wife gets added into this Joint Tenancy? What about this calling the Loan Due issue...have never considered this. It's an FHA loan, does that help? I would just need to crawl through his loan docs then? He really wants us to be on there, even though I know that is not a complete estate plan.
Bankruptcy Debt Debt relief Bankruptcy and debt Joint tenancy Rights of survivorship Inheriting property Property title Real estate and bankruptcy Property tax Real estate Estates Inheritance rights Estate property Rights of survivorship and estate planning Gifting estate assets Taxes and estate planning Gift tax Trusts Irrevocable trust Living trust Tax return Tax law Deed of trust