Socalx09
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- May 16, 2018
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I need some guidance on whether it’s more beneficial to be added on title or just continue doing a living trust.
My dad’s health isn’t great and we have started the process of doing a living trust for his house in Corona. I was going to file the trust on my own since I believe I filled out the form correctly I found online that other people have used to self file. Since I am his only child and he isn’t married, I didn’t think this would be an issue until I learned about probate. My dad still just wants to add me to the title, but I have been reading about tax laws and that would be considered a gift which would be over the yearly limit? Also, same issue with the havasu house. It’s a family house, but under my uncle’s name. He also isn’t in the greatest health and wants me to do a trust or get added on the title there as well. Both homes still have mortgages.
Checking to see if any members on here know more about this process.
Thanks!
My dad’s health isn’t great and we have started the process of doing a living trust for his house in Corona. I was going to file the trust on my own since I believe I filled out the form correctly I found online that other people have used to self file. Since I am his only child and he isn’t married, I didn’t think this would be an issue until I learned about probate. My dad still just wants to add me to the title, but I have been reading about tax laws and that would be considered a gift which would be over the yearly limit? Also, same issue with the havasu house. It’s a family house, but under my uncle’s name. He also isn’t in the greatest health and wants me to do a trust or get added on the title there as well. Both homes still have mortgages.
Checking to see if any members on here know more about this process.
Thanks!