QUESTION
Adding another name to the mortgage loan and house title
Asked on Mar 08th, 2016 on Estate Planning - California
More details to this question:
My mom is considering refinancing her home. Could I add my name to her loan and also to the title of her house without any estate/gift tax implications later on? Her only main asset is the house and she currently doesn't have a living trust. I figured if I could add my name to the title of the house, we won't need a living trust.
1 ANSWER
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The transfer of half of the house to you will have gift tax consequences for your mother to file a gift tax return.
If the goal is to avoid probate, then a trust is the best way to do that. A joint tenancy of the home assumes that you survive your mom and that you don't both die at the same time. Whereas a trust will provide for those contingencies.
Answered on Mar 08th, 2016 at 3:18 PM