Legal Question in Real Estate Law in California
I am interested in transferring property from myself to my son before I die which I suspect is in the matter of weeks. What is the best way to transfer my house as soon as possible to him? I live in the U.S. Virgin Islands and he lives in California.
Asked on 11/22/21, 8:08 am
1 Answer from Attorneys
Transferring property to a child before you die has terrible negative tax consequences. Property transfers on death, by will or trust, instead of while you are alive has huge tax benefits to the child. Get a will or trust drawn up that leaves it to him when you pass.
Answered on 11/23/21, 8:47 am
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