Legal Question in Real Estate Law in California

Joint Tenancy with Parent
My father owns his own home and several other rental properties. All are held in his trust, which will pass to us 3 siblings.

I currently rent an apartment in another city. My sister and her husband live in one of dad's properties and pay rent. My brother and his wife live in another of dad's properties and pay rent - this home is in another state. All of the other properties are in CA.

We are exploring becoming joint tenants with dad now, as opposed to waiting for his estate to pass to us when he dies. None of us have been home owners and could benefit from building equity and the tax write off. Dad is very open to the idea.

Each respective sibling would take over the mortgage payments...my sister for the home her family currently rents, my brother for the home his family currently rents, and I would move into another of the rental homes and take over the mortgage payments.

Is joint tenancy the ticket? Are there tax consequences? Is any of this considered gifting? Are we approaching this correctly?

Asked on 3/31/07, 4:13 pm

Lyle Johnson Bedi and Johnson Attorneys at Law

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Re: Joint Tenancy with Parent

YOu should check with an accountant or an attorney with experience in the potential tax consequences of this particular approach.

Answered on 4/16/07, 2:43 am

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