Legal Question in Real Estate Law in California
if I gift my half of the property to my daughter wount if turn around and be included in my estate after my death? we are speaking of 225k. My estate is right now 70k. We want them to be sole owners of the house we bought together. They claim all the taxes to the IRS.
1 Answer from Attorneys
Gifts of real property (or other major assets if you are wealthy enough to have large blocks of stocks or the like) while you are alive, are some of the most tax-disadvantaged things a person can ever do. First you need to figure out if it is really all that important that your daughter have full ownership now, rather than passing to her via a will or trust when you die. If there is a really important reason, then you need to talk to an estate planning attorney, and/or an estate tax accountant about how best to accomplish your objectives without incurring unnecessary taxes in the specific situation you are in that makes you need to give her full sole ownership. This is not a situation you can get resolved by an internet Q&A.
Related Questions & Answers
-
What is a " Martin HEARING ?" Asked 5/09/16, 9:26 am in United States California Real Estate and Real Property