Legal Question in Real Estate Law in California
My husband and I are living in my parents' 2nd home (listed as their primary residence). Parents are listed on the deed of the house. The home they are living in now is already paid off. Husband and I sold our home, moved-in to parents' 2nd home to help pay the mortgage. Since we are not listed on the deed, we are not getting any financial benefits from the amount of money we are putting into this home. Parents are open to adding only my name on the deed. But what would that do? Who do we contact to arrange this and is this the best decision to make for our situation? Thanks!
1 Answer from Attorneys
What it would do is create a mess of tax and estate planning problems in the future. You and your parents need to talk to a local estate and elder planning attorney about how to accomplish your mutual financial goals without creating a future mess that could cost tens of thousands of dollars in unnecessary taxes and probate fees.
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