Question: My husband and I have lived in our home in Irvine for 20 years and our mortgage is almost paid off. We have remodeled and updated and maintained our home and landscape beautifully.
Do you have any suggestions that we might not have considered?
Answer: I suggest that you review your method of ownership to make sure it is also updated. You would want to make sure your ownership “vesting” takes advantage of the most current tax and estate planning laws. Some of the most common ways you might currently hold title are:
a) In a trust
b) Husband and wife as joint tenants
c) Husband and wife as community property.
Since 2001, when there was a change in the law, many of my married clients in California who do not have a Trust are taking title as:
Husband and Wife, as Community Property with Right of Survivorship
You might take this opportunity to review your deed, see how you are vested, then call your tax advisor and/or legal advisor to discuss if this vesting is the best for you at this time in your life.
If you need help in checking on your vesting, just ask.
