How best to transfer ownership of real property from an elderly parent to a child?

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How best to transfer ownership of real property from an elderly parent to a child?

Both parents are living and in decent health. My sister is to receive the balance of an investment account and I am to receive their present home. Account and property are valued similarly. To preclude questions of property ownership during an estate settlement my parents would like to add my name to the deed for their present home. Is this best accomplished by a quit claim deed or is there a better solution? We would like to avoid a property tax re-evaluation or personal tax event. If the information is of any value, after my Father’s passing, I (along with my husband) plan to move in with my Mother to help her since my children are now grown and on their own. I am the executor of their estate when that time comes.

Asked on March 26, 2012 under Estate Planning, California

Answers:

Hong Shen / Roberts Law Group

Answered 9 years ago | Contributor

There are many ways to accomplish this. To name a few. You can create a joint tenancy with survivorship. You can create a life tenancy in your parents with a remainder in you. Either way when you take over the survivorship you pay have to pay inheritance tax. You should consult an estate planning attorney to find out the best way for you.


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