Legal Question in Wills and Trusts in California

Re: real estate

Yes - however, this is not a good idea, as it will produce a bad income tax result if/when the child later needs to sell the property, and it exposes the property to creditors of the child, including the spouse in the event of a divorce.

The favorable property tax treatment where a property is transferred from a parent (or the parent's estate) to a child is available using traditional estate planning methods such as a will or living trust.

Re: real estate

you should retain a qualifed estate planning attorney. there are potentially negative gift, estate and income tax consequences of this simplistic plan.