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KimberlyLaw
KimberlyLaw, Attorney and Real Estate Broker
Category: Real Estate Law
Satisfied Customers: 4215
Experience:  13 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.
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Best way to hold property title? If my son (lives in NV) and

Customer Question

Best way to hold property title? If my son (lives in NV) and I (New Mexico resident) buy a rental house in NM and I want to leave all my share to him when I die, what is the best way to hold title to the property? Thanks.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  KimberlyLaw replied 1 year ago.

Hello, I am happy to assist you today.

The best way to hold title with your son, if you want him to get your entire share of ownership if you were to pass away, is as "joint tenants with rights of survivorship". This means that your share would not go through a will or intestate succession if you were to pass away, it would automatically go to your son with no other steps needing to be taken by him.

I hope this helps,

Kim

Customer: replied 1 year ago.

Can I take the income and him take the depreciation this way on our tax returns if we draw up a partnership document specifying that? I am low income and he is high income tax bracket so how to hold title to accomplish this is as important as avoiding probate (a living trust can do that too, right?) Thanks