Best title vesting for married couple owning MFR in CA?

Question

Would appreciate your help as we are in escrow for our first multi family rental.

I have heard that in CA, best title vesting is - ‘Husband and wife as Community property with right to survivorship’ as it offers double step up in basis and no probate required.

Is there any additional asset protection in title as ‘joint tenants by entirety’ ??

Thanks for your help

Katie L. · Answer

@Ryan Passi

Are you CA residents?  If so, you may want to consider a trust.  Probate is required at death unless all of your assets pass at the moment of death to a beneficiary, your total assets are under $166,250, or you hold assets in a trust.  If you have bank accounts or brokerage accounts and all that sort of thing, usually is best to just hold all of them within the context of one whole trust.  Community property with right of survivorship should avoid probate at the first death, but what happens at the second death, or simultaneous death like a car accident?  And what if all your other assets don't have beneficiaries and are over $166k?  You should probably be looking into a full estate plan.  Let me know if you need referrals for estate planners in California.

As for asset protection, look into an LLC or a good umbrella policy.

*This post does not create an attorney-client or CPA-client relationship.  Readers are advised to seek professional advice.  The information contained in this post is not to be relied upon.

Ryan Passi · Answer

@Katie Lepore

Thanks so much Katie. My apologies for the delayed response.

Yes we would appreciate any estate planning referrals in Los Angeles area. Would also appreciate if you have any recommendations for attorneys specializing in evictions in Los Angeles as we might need to evict a tenant.

Thanks again