Legal Question in Wills and Trusts in California

Joint Tenancy - Affidavit

My parents and I are on title as J.T. on a house we reside in, The county recorder said we should file some form ''affidait of joint tenants'' since there are now two surviving J.T. left.

I went to a legal services office to have the necccessary documents made, while there, they said filing the documents can wait quite along time depending on what we are planning to do with the property. I do not have finacial power of attorney nor do I want it (to handle her savings and personal propety) but a friend or family member may have or get P.A.). she is planning to stay in the house, and get in home care if need be as long as need be. that is A.O.K. w/me.

WHAT are the ADVANTAGES and DIS-ADVANTAGES of:

1. Filing those documents now instead of waiting, What is the best thing to do?

2. Transfering or quick claim my portion to my mom, then putting the property into a IRREVOCABLE trust, (so no else can take it) What is the best thing to do?

3. Transfering or quick claim her portion to me, Would I still get a stepped up basis from the date of transfer, or would I get her basis from when we all originally purchased the property (about 15yrs ago)?

Thanks.


Asked on 4/18/06, 1:38 pm

1 Answer from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

Re: Joint Tenancy - Affidavit

these questions involve many aspects of estate planning, estate taxes, gift taxes, income taxes and asset protection issues. you should consult a qualified attorney to develop a sound estate plan and asset protection strategy for you and your mom.

thus questions 1 and 2 cannot be answered in a simplistic manner. with regard to question 3, gifts have a carry-over basis for income tax purposes.

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Answered on 4/21/06, 1:08 pm


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