San Diego Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Jan. 6, 2019

By Changing How You Hold Title, Your Loved One Can Completely Avoid Costly Probate

Older Couple In their home | Photo by rawpixel.com from Pexels

Couples and partners now have the advantage of no probate and a full step-up in basis. As we all know, joint tenants is passé, only offering half the step-up in basis. Which may cause thousands in taxes. Tenants-in-common with right-of-survivorship (TIC-ROS) has been the favorite holding for the past few years. When your loved one dies, a TIC-ROS avoids probate, like joint tenants, and the surviving party receives a full step-up in basis. Meaning, if you sell your home the day after death, you’ll have a tax-free sale!

 

Click Here for a breakdown of all ways to hold title and their (dis)advantages.

 

 

 

 

 

 

Source by A People's Choice
Posted in Homeownership
July 31, 2017

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Posted in Market Updates