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My mother has lived in her home since 1954, several years ago…

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My mother has lived in...
My mother has lived in her home since 1954, several years ago she added my mname to the deed. She has Prop 13 tax credits, will they transfer to me, once she has passed away? I am the only child, my father passed away over 20 years ago.
How and what is the best way to handle this? should I get a living trust? or will it be an automatic transfer ?
Submitted: 8 years ago.Category: Real Estate Law
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6/21/2010
Real Estate Lawyer: socrateaser, Lawyer replied 8 years ago
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 40,148
Experience: Attorney and Real Estate broker -- Retired
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My mother has lived in her home since 1954, several years ago she added my mname to the deed. She has Prop 13 tax credits, will they transfer to me, once she has passed away?

 

A: You automatically receive your parents' property tax basis. R&T Code 63.1.

 

I am the only child, my father passed away over 20 years ago. How and what is the best way to handle this? should I get a living trust? or will it be an automatic transfer ?

 

A: if you are a joint tenant on the deed, then the transfer is automatic. If you are a tenant in common, then you will have to get a probate court to decree you as the heir, unless your mother places her interest in the property into a trust before she passes.

 

Hope this helps.

 

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