Legal Question in Real Estate Law in California

Re: Real Estate deed

Retain competent counsel.

Re: Real Estate deed

By placing the property in a trust where all children are equal beneficiaries will provide you with a stepped up basis at the time your mother passes away. In addition, by placing all children on the deed today, your mother can run into some gift tax issues, depending on how many children there are and what the property is worth. A trust for a limited purpose can also specify that the house shall be sold at her death and the proceeds distributed. It can become quite a messy transaction if you need to agree with all of your siblings on a time and price for selling the property.

I hope this helps.

Re: Real Estate deed

She has two good options. Create a living trust and transfer the property to the Trustee of the Trust (initially herself) or deed a remainder interest in the property to her children.

Re: Real Estate deed

She can prepare and record a deed. A trust may be a better option. You need to speak with an attorney in more detail. Feel free to contact me to discuss your options.

Re: Real Estate deed

Deeding property during lifetime is 95%+ of the time a very inferior way to pass the property to children, expecially when there are many of them. Far better in most cases to set up a living trust. I don't do them, so this is pure advice, not an attempt to sell my services. Passing property by trust avoids probate and a bunch of very nasty taxes. Also, by appointing one child with the most business sense and/or the closest to the property as successor trustee, she may avoid the hassles of a single property with four owners with different future desires for the property or the money it's worth.