Legal Question in Real Estate Law in California
I would like to add my daughter on as joint owner of my home, now that she is over 21. What is the best way to do this
3 Answers from Attorneys
Be very cautious, there are many reasons to not put your children on title, including tax and liability reasons. Confer with an experienced real estate attorney.
Do not do this unless you speak with an estate planning attorney first. Many attorneys will give you a free consultation to explain your options.
There is almost invariably NO good way to do this. The tax consequences of a gift of real property from a living parent to a child, both immediate and long term, are almost always somewhere between really bad and horrible. You are far better off putting it in a trust over 99% of the time. Never give real property to your children without consulting an estate planning attorney with significant tax experience.