A few states don't allow this, but the vast majority recognize that when holds a non-spousal co-tenancy JTWROS that it is severed and reverts to TIC (tenants in common) when one places their interest into the trust and/or states in the will that their interest is being placed in trust. Shows their intent to sever it.
Mr. Greg, I live in Texas. My father passed in 1993. My mom is listed on the deed which is a JTWROS. We never filed the avadafit of death of joint tenant with the county. Would they have the forms to file and if we file it, it should leave my mom as the sole owner to sell the home, correct?
It will not trigger a reappraisal in CA typically. However, I think you may have missed the point. Adding your kids to your property is a bad idea generally.
I held right to survivorship property got a divorce a settlement was reached but never full filled.my ex died n he had a son n left a widow .the property was bought before her marriage to ex ....what happens...
Typically, There will be taxes after the sale of the property, but those taxes will be capital gains taxes which may be based on the date of death value of the property. There are some states that have inheritance taxes, though. So you should speak with an estate planning attorney in your state.
My husband acquired his home before we got married. After we got married he added me on the deed and the deed was constructed to construe joint tenancy with rights of survivorship. Will I be responsible for judgements or liens against our property that my husband had against him before we got married.
Typically community property is susceptible to either of your creditors, however, if this is your primary residence there is good news. The homestead exemption went up this year so you may be able to protect most if not all of your equity with this new law. I have another video on that. Also, typically holding property as community property with right of survivorship is better for married couples because of tax ramifications of Joint Tenancy. None of these are superior to holding property in trust.
I have a problem my mom and i are on a mortgage we refinanced together with wellsfargo. I am also on the deeds. But i can't figure out if i am joint or tenant. She had passed away from covid19 few months ago. But it's causing friction with one of my siblings who thinking i don't have any ownership. My mom passed away without a will. My other siblings said i am the one who control the house. Since she died my brother won't give me her death certificate so i can transfer the title.
you should be able to go straight to the count to get the death certificate and the most current deed so that you can take control of the house depending on how the property is titled. If you are in CA, we can help you with this if you like. If you are in another state, you should get an attorney in that state to help you with this.
If My mom quick deeded her property to me but I put her on there for a savior but it doesn't specify it but I am the owner she was on Medicare now they ask do she have assets but the house is mine what do they look for on the deed? My name is first on the deed.
I don’t quite understand your question. What does “for a savior” mean? Also, are you talking about Medicare or Medicaid (because they are quite different). How long ago were these transfers all made. If you are transferring property to qualify for Medicaid, that is a tricky business that DEFINITELY needs a lawyer. There are about a million ways to mess that up. It also differs from state to state. If you are in CA, you can call our office, otherwise I would call someone in your state that does Medicaid planning.
Hi, I am getting ready to file a Petition to Probate Intestate for my dad’s estate in LA county CA. My Dad died 9/26/2020 and my Mom died 11/7/2014, but they still have joint tenancy on everything (House deeds, vehicles, bank accounts and all with an “and” between their names). After the hearing and after I receive letters of administration, I think I can use a signed affidavit - Death of joint tenant, to remove my Mom’s name off the Deeds, bank accounts, and vehicles. Is this a good way to remove my Mom’s name off the deeds, titles and accounts, Or is there an easier way? I am representing myself and 2 siblings.
An affidavit of death of joint tenant would remove your mom from the property, but then you would have to go through probate for your dads estate if there is more than 166 thousand in gross estate. We can help you with the probate. There are lots of questions that can’t truly be answered without looking at all the facts. Our number is 951-304-3431. We get paid from the estate after our work is done so you don’t have to worry about lawyers fees at the start of the case and the estate pays for everything.
How about if kids come out of the wood works, survivor didn't record affidavit of joint tennant/ trustee, 3 weeks after death the long lost son or daughter records a grant deed signed by the now deceased joint tenant that he signed when he was alive but they failed to record at that time. They recorded 3 weeks after death.
That may or may not be recognized. I can only speak to California law. If it was signed and the signature was notarized, it may be enforceable, but there are still lots of arguments that the other parties can use to discredit the document. The long lost son will have a big tax bill when the do file it. I recommend consulting an attorney to find out more about your rights.
@@angiewiseman766 goes to next of kin of father-in-laws brother, sister, etc.. the way you wrote it, sounds like the Father and Daughter didnt have children together.. I'm assuming you mean the Husband and Wife having no children together..
I inherited a home 30 years ago worth $100,000. I used it as a rental since then. if I gift it to my daughter and now the house is worth $500,000 and she lives in it for 2 years and sells it for $500,000 does she have to pay capital gains?
You should talk to a lawyer about this particular circumstance. She probably would end up paying a bunch in capital gains that she would not need to if you gave it to her through a will or trust. Primary residence owners can get out of paying some capital gains tax, but it sounds like the capital gains in your situation is too high. Also, if you are in CA, there are property tax laws that have changed that need to be analyzed before transferring property. A good discussion with a good lawyer could save you tens to 100s of thousands.
Hey Raul, Ive just updated my about you information. I posted these videos a long time ago and just got back into creating videos for this page. Call us at 951-304-3431. We can serve you if you live in CA.
