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vivianchin · Joined: 30 Apr 2010 Posts: 4 1.81 Dollars($)

I live in California and my father recently passed away and I will be moving into my mother's home to help her remodel & to care for her. We were planning on a joint tenancy, but then I read an article of the tax consequences on the survivor. Which would be better in my circumstance, joint tenancy or tenancy in common, or does a living trust take care of the issue in joint tenancy? I'm currently not on the property deed, but we applied jointly to refinance the home for the remodel. Do I need to put my name on the deed as a joint tenant and how do I go about doing that?

adonis · Posted: Thu Aug 19, 2010 10:54 pm Post subject:

Welcome vivianchin,

You should put your name in the property while you refinance the loan. The lender will want you to be the owner of the property while you refinance the loan in your name. A joint tenancy with right of survivorship is a good option to add your name in the property deed. After the death of your mother, you would become the owner of the property directly and no one can claim ownership of the property.

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