Mother, Father and Son on Deed as joint tenants in California. Father dies and now Mother and Son are remaining joint tenants. Mother wants ...

Question

Mother, Father and Son on Deed as joint tenants in California. Father dies and now Mother and Son are remaining joint tenants. Mother wants to do a Living Trust. Can son quitclaim his 50% to mother without triggering a reassessment or be subject to gift tax. If this can be done, what would be checked on the preliminary change of ownership form?

Answer

This is a parent child transfer. You need to so indicate and claim the parent child exemption with the appropriate exemption forms. The assessors web site should direct you to the appropriate actions

You need to determine if the appropriate Affidavit of Death of Joint Tenant was filed at the fathers death. If not those title issues need to be resolved.

The transfer from son to miother will be a gift, likely requiring the filing of a gift tax return

See an estate planning attorney