Legal Question in Wills and Trusts in California
Quitclaim deed
My mother's health is failing and she would like to quitclaim her home to me. Will the property still
have to go through probate after she has passed away and will I have to pay some kind of inheritance tax?
2 Answers from Attorneys
Re: Quitclaim deed
If your mom deeds the home to you while she is still alive, it will avoid probate- the downside is that you will not get a "stepped up basis" for the purpose of capital gains. A better way to avoid probate is for your mom to execute a living trust and deed the property to the trust.
Currently, there is no inheritance tax on estates worth less than $3.5 million.
Re: Quitclaim deed
No, the property will not be Probated. The property can be deeded to you without any additional property taxes by using a Prop 58 parent to child exemption form.
If you would like to discuss this matter further in a more private forum, please feel free to contact me directly at the email address provided by LawGuru or through our firm�s website located at PasadenaEstatePlanning.com
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