Is it Better to Gift or Bequest Your California Home?
This article asks is it better to gift or bequest your California home? We review the factors of tax, family dynamics, and law .
Category «Trusts»
How to Transfer Your Home to Your Online California Trust
You need a deed from yourself to yourself as trustee to avoid probate. The deed is recorded in the county where your home is located. Often, online trusts omit a crucial step. The omitted step is the transfer of real property into the online trust. Transfer is by a deed from yourself to yourself as …
Two Better Alternatives to Adding a Joint Tenant Owner
The unintended consequences of adding a co-owner to real property are unfavorable tax treatment, exposure to the new owner’s creditors, relinquished control to sell and mortgage the real property, and failure to transfer due to an unplanned order of death. Revocable Transfer on Death Deeds (TODD) and revocable living trusts are better alternatives to adding …
How to Protect Your Home from Probate
When purchasing real property in California, the buyer is asked, “How do you want to own your home?” How you own your California home determines how it will transfer on your death. In other words, will the post-death transfer be in or out of probate court? Real property in your name only requires transfer to …
How to Avoid Probate with Two Alternatives to Joint Tenancy
Often, a homeowner adds their heir as a joint tenant owner to avoid probate. A joint tenant owner can create problems. There are better alternatives. Revocable Transfer on Death Deeds (TODD) and revocable living trusts are good alternatives to joint tenancy. Revocable Transfer on Death Deeds (TODD) A TODD does not change ownership and, as …
You Must Avoid These 3 Mistakes to Avoid Probate
Most people in California create a trust to avoid probate. But a person cannot just create trust; the trust must also be “funded.”
Surprise and Peril for Non-spouse, Joint Tenant Owners
A sole owner wants to add an owner to avoid probate. This post identifies the surprises and perils for non-spouse, joint tenant owners and viable alternatives.
Your Legacy: The Best Option for Your California Home
Examples of planning are; trusts, joint ownership, lifetime transfers, and revocable transfer on death deeds. No planning relies on the probate court for help
Four Reasons a Living Trust Protects Your Home
Four reasons a living trust protects your home. A trust avoids probate, maintains control, is flexible and can reduce taxes.
What You Need to Know About Post-death Trust Administration in California
The trustee manages and distributes trust assets in post-death trust administration in California. A trustee has fiduciary duties to administer the trust according to the trust’s terms and California law. The trustee assumes personally liable to beneficiaries of the trust for any breach of his or her fiduciary duties. A trustee’s duties will vary depending …