"joetaxpayer[at]nospam.com" <joetaxpayer[at]nospam.com> wrote:

- quote -

Probably neither. Sounds like Tenancy by the entireties.
But since that is not a method of holding title in
California, I'm not all that familiar with it.

- quote -

That's only true to the extent your property allows holding
property as community property. Otherwise it should be
about the same either way.

- quote -

Check with an estate lawyer who is familiar with tax issues.
If your mother in law will only get stepped up basis on
dad's part of the property in any case, joint tenancy (WROS)
may be best. If there is a way to get stepped up basis in
both halves of the property (assuming mom is considered a
legal owner at all), putting the property into a trust may
be the best.

- quote -

Talk to a local estate lawyer. It's his job to educate you
so that you can decide what will be best in your particular
situation.

Stu

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This is the deed wording question;

"As tenants by the both of Springfield with quitclaim
covenants entirety"

Is this the same as;
Tenants in common
or
Joint Tenants with rights of survivorship?

I understand that JTROS misses out on the stepped up basis
upon the death of the other owner. My father in law isn't
long for the world (cancer) and I'd like to help my mother
in law confirm that she had her affairs in order as she'd
likely sell the house after he passes.

Other Question for the group;

My mother-in-law views me as the level-headed one in the
family. Even though I will send her to an attorney to
correctly word the deed, she just wants me to prep her so
she knows what to ask and what to request to make things
right. What other things, financially, she I suggest to her,
as the update on my father-in-law is he may not make it till
'05?

thanks,
JOE

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