Legal Question in Real Estate Law in California
quit claim deed a grown child to a real property
Can we use a quit claim deed to add our grown child's name to the title of our residence so that he can help pay for the mortgage and get some tax benefit? Also, we have already had some equity (over 50%) built up in this real property, are we subject to gift tax when we quit claim him into title? We have seen people do this but do not know what their reasons are.
2 Answers from Attorneys
Re: quit claim deed a grown child to a real property
Bad, bad idea. The grant is generally irreversable once made and son loses the estate tax advantages by the transfer. Speak to an attorney about the best way to assist you with your needs. The few dollars you spend up front could save you major headaches down the road.
Re: quit claim deed a grown child to a real property
Don't do this without legal consulation. The right way depends upon your and your son's answers to a number of questions. It will not cost alot to get the consultation and help you need. Doing this wrong can have lots of serious unintended and sometimes dire consequences.
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