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  1. #1

    Default How to Fill Out a Quitclaim Deed

    My question involves real estate located in the State of: CA
    Hello, I would greatly appreciate help in the matter of this Quitclaim Deed. I own a property and would like to add my sons. I know my name goes under the Grantor and my sons name would go under Grantees, but I also would remain an owner as well. So do I also put my name under the Grantee section as well? Thank you, M.

  2. #2
    Join Date
    Jun 2015
    Posts
    988

    Default Re: Quitclaim Deed - Filling Out

    I'm not a pro..but seems to me if you are not a listed grantee you just gave it away.
    CA has some quirky reassessment laws which are beyond me....not wise to,trigger a re assessemnt ?

    Not,sure what you want to do and or if you reside there.

  3. #3
    Join Date
    Mar 2013
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    16,960

    Default Re: Quitclaim Deed - Filling Out

    Quote Quoting Mylissa
    View Post
    My question involves real estate located in the State of: CA
    Hello, I would greatly appreciate help in the matter of this Quitclaim Deed. I own a property and would like to add my sons. I know my name goes under the Grantor and my sons name would go under Grantees, but I also would remain an owner as well. So do I also put my name under the Grantee section as well? Thank you, M.
    Incredibly bad idea no matter why or how you do it.

    Here's why:

    1. Subjecting your property to your children’s mistakes. Once your kids are co-owners of your home, their creditors can get to your home for purposes of paying off the debt. So, if your child gets behind on his or her bills, it could jeopardize your house. The same is true when it comes to lawsuits – if your child is in a car accident that results in a lawsuit, your home becomes vulnerable to any money judgment entered against him or her.

    2. Unanticipated tax liability. In the eyes of the IRS, adding your children to your deed is the same as giving them a gift. The amount of the gift is the percentage of your children’s ownership under the deed. Depending on the value of your home and your financial situation, this may trigger gift taxes. At the very least, it will likely require that you file a gift tax return to report the transfer.

    Adding your children to your deed in this way can also result in unwanted income tax consequences for your children if, after your death, they choose to sell the property. Gifting the property to them during your lifetime, as opposed to leaving it to them at your death, can increase the amount of capital gains tax they’ll ultimately pay when the property is sold.

    3. Giving your children unwanted control. Once your children are added to your deed, they’re co-owners of your home. This means that you can no longer decide on your own what to do with the property. If you want to sell or refinance, you’ll need your kids’ signatures.

    A better option for transferring your home to your children while avoiding probate might be to establish a Living Trust. It lets you retain full control of the property during your lifetime, it puts you and your children in a better position when it comes to tax concerns, and it keeps your property safe from your children’s creditors.

    More reasons not to:

    http://articles.chicagotribune.com/2...perty-tax-laws

    More:

    http://willblog.bsgfdlaw.com/6-reaso...to-your-house/

  4. #4

    Default Re: Quitclaim Deed - Filling Out

    Hello, I do reside in the home and will remain in the home and my son will take care of me. It's not worth more than $100K or so. So I of course put my name in both Grantor and Grantee..?

    Can I ask you.... I'm thinking instead of a Transfer on Death Deed which also includes a "successor grantee-beneficiary"? I want to leave the place to a son but if he dies before I do, then I would include the Successor Grantee which would be someone else.Is that what the successor Grantee is?

    Thank you very much.... greatly appreciate it.

  5. #5
    Join Date
    Mar 2013
    Posts
    16,960

    Default Re: Quitclaim Deed - Filling Out

    Quote Quoting Mylissa
    View Post
    Can I ask you.... I'm thinking instead of a Transfer on Death Deed which also includes a "successor grantee-beneficiary"? I want to leave the place to a son but if he dies before I do, then I would include the Successor Grantee which would be someone else.Is that what the successor Grantee is?
    That would be a much better idea.

    And, yes, successor grantee is the term you're looking for.

    However, CA doesn't use a Transfer of Death Deed.

    CA uses an Enhanced Life Estate Deed which is quite different and more complicated.

    You would be wise to consult an attorney to have one done for you so you get it done properly.

  6. #6

    Default Re: Quitclaim Deed - Filling Out

    Thank you very much

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