How Does Joint Property Ownership in California Work?
John McCullough, an attorney in Alexandria, Va., whose practice emphasizes estate, business, asset protection, charitable, retirement and financial planning. Jan. 10, 2003 Q: Dear John, My partner and I live together and are registered as domestic partners in California. We have been together for more than five years and are planning to combine more of our finances. At this time, the house is titled only in her name. I have two questions. First, what is the easiest way for my partner to pass the title of the house to me in case of her death or severe disability? And, second, will I enjoy any tax advantages if I buy property that I do not live in as my residence, or do I first need to have ownership in the house where I reside? Thank you, Linda A: Dear Linda, The easiest way for your partner to pass the title to the house to you in the event of her death would be to retitle the property as “joint tenants with rights of survivorship.” When a property is titled as joint tenants with right
Related Questions
- Once a change in control or a change in ownership has occurred, does this cause an automatic reassessment of the California real property owned by the acquired legal entity?
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