QUESTION
CA separate VS community property and parent inheritance
Asked on Sep 29th, 2021 on Estate Planning - California
More details to this question:
I am married but there is a strong probability I will separate from my spouse in the next couple years. My parents are selling their family home and moving into a senior community where they want to place me on title for their next all cash purchase. Related, they want to start an investment account and place my name on it. I will not contribute any money towards their house or their investment accounts. They just want my name on it for estate reasons to avoid probate later. If I subsequently divorce, is my spouse entitled to any of their assets or property because my name was placed on their assets/property while I was married?
1 ANSWER
Special Needs Trusts Attorney serving Culver City, CA
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In order to ensure protection against a claim by your spouse, this will require estate planning by your parents. Simply adding your name to title while they are still alive and while you are married is problematic. Estate planning can not only help protect against a future divorcing spouse and creditors, but there are also tax benefits to transferring assets through death.
Answered on Oct 07th, 2021 at 1:05 PM