Legal Question in Real Estate Law in California

Re: adding siblings to property title

Yes...and if you make all 3 of you equal owners, then 2/3 would be reassessed.

It is in your better interests to have them inheret the property so they get the step-up in basis. This would be through a will and a trust.

If you require assistance with the transfer or preparing a will and/or trust for the property, please feel free to contact me at the email provided by LawGuru or through our firm's site at PasadeaEstatePlanning.com.

Re: adding siblings to property title

Mr. Linden is right, but in times when many property values have fallen, this may not produce a horrible result.

You don't say whether you are "adding to title" as a gift or whether you're getting a valuable consideration. If the former, you need to think about gift and capital gains taxes as well.

Finally, I'd close by saying that when title to property becomes fragmented, the long-term result is probably gonna be that somebody, or his heirs, or his heirs heirs, will have to file an expensive and possibly divisive lawsuit to partition, quiet title, or otherwise re-unite ownership. Think this through carefully and to a long-term conclusion.