Hi, I transfered my house to my two children, can I undo it ? Can my children transfer my house back to me? I steel paying my home morgage.....so I can do the revocable living trust.....😊
Transferring your house to your children and then trying to undo it can be risky and might lead to reassessment and an increase in your property taxes. Also, if the transfer was a gift, you would have likely need to file a Federal Gift Tax Return and your kids would likely have to also file a Federal Gift Tax return. This may or may not result in a gift tax. Given these complexities of the transfer that has already occurred, it is essential to consult with an attorney experienced with Change in Ownerships and Prop 19 to effectively navigate these issues and review all the legal and tax considerations. If you are not already represented, you can contact us at www.cunninghamlegal.com/california-law-offices/contact/
CA is community property state. Do we still need a Transfer on Death (TOD)?
Thank you for your comment. Without further information and documentation (like the Title), I cannot answer your question.
Hi, I transfered my house to my two children, can I undo it ? Can my children transfer my house back to me? I steel paying my home morgage.....so I can do the revocable living trust.....😊
Transferring your house to your children and then trying to undo it can be risky and might lead to reassessment and an increase in your property taxes. Also, if the transfer was a gift, you would have likely need to file a Federal Gift Tax Return and your kids would likely have to also file a Federal Gift Tax return. This may or may not result in a gift tax.
Given these complexities of the transfer that has already occurred, it is essential to consult with an attorney experienced with Change in Ownerships and Prop 19 to effectively navigate these issues and review all the legal and tax considerations. If you are not already represented, you can contact us at www.cunninghamlegal.com/california-law-offices/contact/
@@CunninghamLegal thank you for your answer...🤗🤗 it was not a gift....I may just leave it as it is....🤔🤔😟😟