Moving overseas, passing house to son

[marvinj]

What is the name of your state (only U.S. law)? California

Hello,

My wife and I own a house in California. We are at the point where we are contemplating retirement, and wish to do so overseas. Before we do so and move, however, we would like to figure out the best way to transfer ownership of the house to our son with the least tax ramifications. Would it be better to transfer it to him solely, or perhaps change ownership to him and my wife (as joint tenants, etc.?)?

Please let me know the available/best options. Any help would be greatly appreciated!

MJ

 

[FarmerJ]

Ill take it that your not in advanced years ( young enough truly enjoy this kind of move and all that goes with relocating overseas, so I would suggest speaking to a atty to learn the specifics of joint tenancy and and risk to you that go with it such as how you would be impacted should he divorce . My step moms mother did this sort of thing when she was quite young compared to others , her husband had passed away and a couple years after that she set it up so her adult children were on the farm title with her and then 15 + years later when she did need nursing home care there was way less hassle, the advantage doing it this way is that you still retain ownership should there be some thing major go wrong like at the worst if your son suddenly passed away of course another option if the home is paid for free and clear of any mortgage is to sell it to him on a contract for deed if he cannot get a regular mortgage of his own. But to do this with out the services of a atty who is familiar with elder law should something occur where you must move back to the USA and find your self in the spot where you need medicare it could turn out very badly and bite you back.