Be careful when transferring or adding people to grant deed

Adding more people or transferring the house to relatives or children can result in a reassessment and land tax will increase each year. Circumstances in which Property Taxes may not be increased:
  1. Add a spouse
  2. Add to Joint Tenancy
  3. Give to children if parents and children share the home as a residence
  4. Transfer to their Living Trust.
Circumstances in which Property Taxes may be increased (except in exceptional cases):
  1. Transfer outright
  2. Transfer part of Tenants-in-Common
  3. Split Joint Tenants into Tenants-in-Common
Having a Living Trust not only ensures control of the assets, but the main purpose of a Living Trust is to help us avoid the Probate process through the Court. The cost of probate can be from 5% -10% of the total value of our assets and can take up to 2-3 years for the Court to resolve.
VINH DOAN LAW OFFICE Estate Planning | Taxation | Probate | Business Vinh N. Doan, MSIM, J.D., LL.M. in Taxation 10971 Garden Grove Blvd., Suite G Garden Grove, CA 92843 Cell:(714) 332-9700

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