Legal Question in Real Estate Law in California

Re: Joint tenancy deed with right of survivorship

You probably can do this by yourself. The two people who have already died are no longer on the deed, whether or not you have notified the County by filing a certificate. The property will probably be re-assessed because Counties do not really understand what obtaining property through right of survivorship really means. But that would also allow you to have support as to what the minimum value of the property is as on each date of death the portion of the property owned by the person who died is, for tax purposes, given a stepped up basis to what it was worth on the death.

All attorneys I know of would warn your parents about making a gift of their 2/3rd of the property to you. Their basis for tax purposes is going to be at the original purchase price as to their share and the rest at last year's price when the market was dropping in value. In general, it would be better to get the property in the future when they die and it takes a stepped up basis so that you would pay less or no capital gains taxes [joint tenancy property is not part of the person's estate].