Is Transferring Ownership of Property from a Parent to a Child a Good Idea?

Thinking about transferring ownership of your property to a child? This seems like it would be a great idea to help your kids out, but there might be a few issues you haven't considered. I'll talk about the disadvantages of transferring ownership of property from parent to child that you should consider.

00:00 Welcome
1:02 California Property Tax
2:16 Proposition 19
6:57 Other types of tax
10:12 Estate Planning in General

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#estateplan #proposition19 #capitalgaintax

[agustinnunez]

What's the different SSI and SSDI on a special needs trust

[TheKShepherd]

Regarding capital gains. You only pay 30% capital gains when it's short term (stock sales for example) Long term is taxed at your income level (example for married filed jointly is around $89k you pay 0%. If your total AGI isn't above that $89k) While you didn't cover it. If you inherit stocks, any sales are considered long term (no matter how long the deceased owned the stock)

[macrossluv]

I have a question my mother has a lot in California her and her husband purchased in the 1990’s. Her husband passed away and my mom no longer wants the responsibility of the property and is gifting it to me. What would be the documentary transfer tax? Is this the same tax my mother is currently paying on the property?

[CherimoyaQueen]

what if you just add your child name to the existing residence

[RYang-fzve]

If a transfer of deed happens, does the child have to live in the home for a certain amount of years before they can rent it out?