Legal Question in Elder Law in California
Gifting
I am considering adding my son to the title of my home to form a joint tenancy of father and son. Upon my death my 1/2 ownership that will be inherited by my son will be stepped up to the FMV if he decideds to sell home at that time. My sons 1/2 ownership gifted to him by me will have a basis of my original purchase price of the home. Is my understanding of the tax basis correct?
1 Answer from Attorneys
Re: Gifting
That's right but why are you doing this. It's going to still cost and potentially syntax money. While it avoids probate it is not the best tax advice or method. You can set up a trusted the home is was enough, or even though it is it worth "enough" and avoid probate, leaving the house when you pass away, get a full stepped-up basis to FMV, avoid or deferred tax from their strewing numbers of methods and allow the code sections would say you don't have to pay the IRS to take effect.I have been practicing law in this legal area for over 30 years and understand your problem well. I practice in the S.F. Bay Area and if you wish to contact me call at 925-945-6000.
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