Legal Question in Real Estate Law in California
Joint Tenancy vs Community Property
I am trying to decide how to take title to our new house (in CA) - joint tenancy versus community property w/ right of survivorship. Community property of course has tax advantages because of step-up basis of whole property. However, since my wife is in medical profession, if god forbid there's ever a malpractice suit against her, one can come after the whole property because of community property. Would owning title as joint tenants be any better in our case?
2 Answers from Attorneys
Re: Joint Tenancy vs Community Property
No, property held by husband and wife as joint tenants is, by definition, community property. What you may want is to do some estate planning with a transmutation agreement. You could agree that the property will be your separate property, and in return, should you predecease your wife, title will be left to her.
Re: Joint Tenancy vs Community Property
No difference from the point of view of her potential liability for malpractice. I assume she is insured.
I recommend a living trust package for the middle class. You can get all the information you need about how and why to do this yourself from my plain English, written for laymen, not lawyers, book, Create Your Legacy & Save the American Middle Class. You can get it at Amazon.com or www.IWant2CreateMyLegacy.com.
If you want to protect your personal assets there are other steps you can take as well.
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