What Happens If I Add Someone to My Deed?

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Estate Planning Social Media Minute.

Let's talk about the consequences of adding someone to your deed.

Balamuth Law

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Sounds like we have a very crooked government...There shouldn't be any taxes on something we worked to pay for.

SCLARK

Super helpful. Short and to the point. Thanks for posting!

Lauren_tram

There are more issues than tax basis if you add somebody to your deed. (1) if there is a mortgage on the property, you might trigger the due on sale clause, (2) there might be gift tax issues for the existing owner, (3) you might trigger deed transfer/recordation taxes, (4) the joint owner, once added to the deed, has equal rights to the property (i.e. rental income) and you'll need the joint owner's agreement to sell or refinance the property, (5) if there is a mortgage on the property and you don't add the new joint owner to the note, then the existing owner remains solely liable while the new joint owner gets the benefit of the property (use/rental income) but not the debt

soundbwoikilla

Can you talk about living trusts vs inheritance for real property?

stevenortiz

Very important observation.
It saves a lot of money for the intended beneficiary!!
Your fan from Sf

ernestgarcia

Thank you Ms that was very informative

edithjohnson

My fiances mom recently passed, and we discovered a deed that from my fiances grandfather towards my fiances mom. The deed stated that when he passed, she would get his land and rights to sell the oil on its property in Texas, and she gave him $10 in exchange. Unfortunately, my fiances mom and her grandfather had a falling out. She hadn't spoken to him in years. When we went to see on the property after she passed, we learned that he had passed some years earlier, and my fiances mom was never informed. After my fiances mom and her dad became estranged, a special warranty deed was created for a woman her grandfather was dating to get his land and oil with no exchange of funds involed and no notification to my fiances mom who had a deed prior to the special warranty deed. Which deed would hold up as the true deed in court?

joeleal

muchimas gracias dios te bendiga siempre :me sirvio mucho tu informacion

tripolex

What about annual property taxes. Just a question.. if the real property gets ' re assassed ' ..or a ' step up in basis ' ..then WE / the Kids pay more, much more in Property Taxes. Right ? I was going for a walk last night i was reciting what was said in this video, mainly, that a step up in basis is good.. THEN i caught myself i thought hey WAIT.. i have thought for years that i want to keep the low annual property tax bill that my mom has - for the duration of my life, while it's my house, until i die. And i do not plan to sell the home during my lifetime.

miketermaaten

Does that apply in Texas too ? Just curious, would you know !!!

dimasbeltran

So in a will it will still go into probate??

slikrik

And in California, you not only get the step-up, you also retain the property tax rate of the original purchaser. (if you are the owner's child)

vaxj

If I add my mother on the deed, does she have to pay some taxes immediately or only if the house is sold?

sam

My name is on my grandmothers (deed) house but not on the mortgage. I’ve paid my grandmothers mortgage for the past 10 years. I don’t want to sell the property, will I owe capital gains if I refinance the property?

kareninthehuse