Legal Question in Wills and Trusts in California

Re: inherit land

I should have friends like these.

She can sign a grant deed containing an exact legal description of the property and have it recorded with the county recorder saying she sold it to you for $10. Then, she, not you, would owe gift tax on the amount over $10,000 which is the annual gift tax exemption. There might be ways to pay less or no gift tax, or to retain the Proposition 13 tax basis. Consult a tax lawyer.

Re: inherit land

Yes it's possible. Can do it with a transfer deed. I may not be a good idea, however, as the transfer could trigger a gift tax and other negative consequences.

Re: inherit land

There are several ways to do this without paying the gift tax mentioned previously. With a little simple tax planning this can be accomplished easily.

Re: inherit land

Yes. But, it could well have adverse income tax consequences. Get some assistance by an attorney or if she prefers, I recommend a living trust package for the middle class. You can get all the information you need about how and why to do this yourself from my plain English, written for laymen, not lawyers, book, Create Your Legacy & Save the American Middle Class. You can get it at Amazon.com or www.IWant2CreateMyLegacy.com.