How can I limit tax liabilities when inheriting property? 2 Answers as of February 13, 2011

Are their less tax implications upon my mother’s death if my mother’s rental property is owned jointly by me before her death?

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Law Office of Harry Gordon Oliver II
Law Office of Harry Gordon Oliver II | Harry Gordon Oliver II
Not really. Call me for a more detailed analysis.
Answer Applies to: California
Replied: 2/13/2011
Law Offices of Brian Chew
Law Offices of Brian Chew | Brian Chew
Assuming your Mom has a living trust and the trust owns the house, you would be better of tax wise by inheriting the house through the trust when she passes than being a joint owner now. If you become a joint owner, you will avoid probate when she passes but may have to pay significantly higher income taxes when you sell the home.
Answer Applies to: California
Replied: 2/10/2011
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