Husband and Wife as Joint tenants, wife died, title question

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Icon Mini Profile astrodanco





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Post Posted: Mon Nov 10, 2008 2:59 pm    Post subject: Husband and Wife as Joint tenants, wife died, title question
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In 1987 we purchased a home in the state of California, county of San Diego, as "husband and wife as joint tenants."

She died intestate in 2001 and since she had no other assests or liabilities, I didn't probate her estate at that time.

Today I want to change the title on the home so as to place it into my revokable living trust.

However, if at all possible I don't want to loose half the federal tax basis on the property.

How do I change the title so as not to loose half the basis on the property or suffer other negative federal tax consequences?

Do I have to put my deceased wife's estate through an expensive probate so as to gain the assistance of a probate judge in making declarations and changing the title?

Or can I just record some forms with the county recorder?
Icon Mini Profile smithsussane
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Post Posted: Mon Nov 10, 2008 7:48 pm    Post subject:
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Hi astrodanco!

Welcome to forums!

You have said that the you and your wife owned the property as joint tenants. If it was a joint tenancy with right to survivorship, then you have inherited the property directly after her death. Then there is no need to go for a probate. You can go to the county recorder and change the name.

Feel free to ask if you have further queries.

Sussane
Icon Mini Profile astrodanco





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Post Posted: Mon Nov 10, 2008 8:27 pm    Post subject:
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Unfortunately, the title doesn't say "right to survivorship", only "husband and wife as joint tenants." The title also doesn't say "as community property" despite our always treating it as such while she was alive.

I suspect that in order to preserve the surviving spouses tax basis upon death of the other spouse that we should have held the property as "husband and wife as community property."

This may be very important to my federal tax basis.

If "right to survivorship" is somehow magically implied for married couples in the state of California (?), then do I file an "Affidavit of Surviving Spouse Succeeding to Community Property" or an "Affidavit of Death of Joint Tenant" with the county recorder? I suspect that the former would preserve my federal tax basis (good) and the later would not (bad). Which would be the correct form?
Icon Mini Profile Niicss
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Post Posted: Tue Nov 11, 2008 2:23 am    Post subject:
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Hi astrodanco,

I think you should file the "Affidavit of Surviving Spouse Succeeding to Community Property". This will be a sort of declaration by a joint tenant that another joint tenant has died.

Thanks

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Icon Mini Profile jheard
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Post Posted: Wed Nov 12, 2008 8:11 am    Post subject:
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You take sole title at the death of a joint tenant whether it says "right of survivorship" or not.

If your county has an Affidavit of Death of Joint Tenant form, file that. Most counties will simply accept filing of a death certificate.

As to tax, I don't know that law for sure, but it seems to me, this type of transfer should not trigger a change in basis. Check with your accountant.

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Post Posted: Sun Dec 07, 2008 12:57 am    Post subject: CHANGE NAME ON DEED
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PHILA PA] MY WIFE DIED AND THE HOUSE IS IN
HER NAME HOW CAN I HAVE THAT CHANGE TO
MY NAME
Icon Mini Profile adonis
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Post Posted: Mon Dec 08, 2008 12:26 am    Post subject:
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Welcome CARSON,

You can file an Affidavit of Heirship in the county recorder's office and transfer the property in your name.

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Post Posted: Sat Jan 10, 2009 11:25 pm    Post subject: Affidavit of death of a joint tenant
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My wife passed away. I am completing the affidavit. there is a question about my wife's value of personal and real estate porperty she owned when she died. Will that trigger any tax consequence?. Do I have to provide the exact amount? what if I do not. Thanks for your help.
Icon Mini Profile Caron
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Post Posted: Mon Jan 12, 2009 5:13 am    Post subject:
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Hi billred,

Welcome to the forums.

There can be tax consequences if you inherit you wife's estate. You may have to pay the estate tax. It's best to consult an estate planning attorney in this regard.

If you do not provide the exact amount of estate, chances are it could be considered as fraud if discovered later on.

good luck

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Post Posted: Wed Feb 18, 2009 5:46 pm    Post subject: Surviving spouse title transfer
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My husband died two years ago and I am trying to refinance our home. The bank said they would not refinance until my husbands name was off the title to our house. I paid for probate and have a "Letters of Testamentary" issued by our County Clerk. My bank is having problems accepting that document as proof of title transfer. I am going to lose my house if I can't get a refi. What do I need to do now? I spent most of my money on the probate process.
Icon Mini Profile jerry
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Post Posted: Thu Feb 19, 2009 4:38 am    Post subject:
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Hi C.J.,

This query has already been answered in the following page:
http://www.mortgagefit.com/propertytransfer/titlechange-refinance.html #78084

Thanks,

Jerry
Lola M.

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Post Posted: Thu Feb 26, 2009 10:03 pm    Post subject: Grant Deed
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My husband recently passed away and we were listed on the Grant Deed as Husband and Wife ans Joint Tenants in California. I filed an Affidavit of Surviving Spouse Succeeding to Title to Community Property which I had recorded with the County Registrar's Office. My question is, is there any other paperwork I need to file or will that affidavit alone remove my late husband from the Title. Also does another Grant Deed need to be executed stating that I am the sole owner on title of the property?
Icon Mini Profile jenkin7
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Post Posted: Thu Feb 26, 2009 11:32 pm    Post subject:
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Hi Lola,

Since you were on the deed as joint tenants, filing an Affidavit of Surviving Spouse Succeeding to Title to Community Property would be enough to remove your deceased husband's name from the title. There's no need for a new grant deed to be executed.
William sloyer

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Post Posted: Thu Jun 04, 2009 11:20 am    Post subject: Forclosure
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My income only was used to refi house wife and i are getting divorce. Home is in foreclosure now. We are listed as joint tenants on deed. will this affect her credit
Icon Mini Profile smithsussane
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Post Posted: Thu Jun 04, 2009 9:23 pm    Post subject:
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Hi William!

Welcome to forums!

If the mortgage is in your wife's name, then the foreclosure will definitely effect her credit score and lower it by 250 points.

Feel free to ask if you have further queries.

Sussane
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