All Forum Posts by: Sean Overcrest

Thank you Ashish for this response, it is the exactly direction to look into I was looking for.  I tried calling you to thank you but it went straight to voicemail.  Thank you!!!

Hi yes, I spoke to an attorney and still waiting on her reply.  I would like to get some additional ideals on how to possibly go about this though.  

Hi there,

I'm trying to determine the best way to live in and eventually acquire a property as an inheritance while maximizing cost-effectiveness. Would an LLC be a viable solution? I'd appreciate your input. The details are as follows:

My mother currently resides in a property located in Los Angeles County. The title is in the name of her sister (my aunt) and my mother’s husband (not my biological father). However, my mother has financially contributed to the property, effectively making her the rightful owner. Both my aunt and my mother’s husband have agreed to remove their names from the title, transferring sole ownership to my mother. Since my aunt is the listed owner, Proposition 19 does not apply in this case.

We consulted a lawyer who mentioned that transferring the property to an LLC could allow me to be added to the title without triggering a property tax reassessment. However, I've read that some banks may not permit this arrangement. Given these circumstances, do you think an LLC is the best approach, or is there another way to add me to the title without affecting property taxes while ensuring I become an owner?

I appreciate your time and insights.

Thanks,

Sean

Hi there investors! I am newbie in real estate and I don't have much experience in real estate.  I'm wondering if you can help advise on this situation.

My mother currently resides in a property located in Los Angeles County. The original owner on the title is her sister (my aunt), and my mother’s husband (not my biological father) is also listed on the title. However, my mother has fully paid for the property, making her the rightful owner in practical terms. Both my aunt and my mother’s husband have expressed their willingness to remove their names from the title, granting sole ownership to my mother.

My mother is interested in transferring ownership of the property to me and allowing me to live there. We are considering the following options:

1. -I purchase the property from my aunt – Perhaps we can do seller financing to reduce fees?
2. -Transfer the property into an LLC – This may allow me to take ownership while potentially avoiding property tax reassessment, however this sounds like an involved process
3. -Establish a living trust for my aunt and mother – The trust would specify that I inherit the property upon their passing and provide step up in cost basis but i'm worried that the living trust can be modified to have me removed (who knows what can happen) - My mother is somewhat volatile.

I would like to live in the property and my mother will live in her second property with her husband.  I put together a table of these options along with pros/cons to determine the best course of action.  My primary goal is to find the most cost-effective solution that minimizes tax liabilities, including avoiding property tax reassessment and maximizing the step-up in cost basis.  I've also consulted with a lawyer but wanted to check if anyone else has ideas about how best to go about this.  My mother has also expressed interest in the most simplest way to go about this.

Thank you in advance for your help!