Quit Claim

[roc0t]

What is the name of your state? California

A friend was advised by his tax person that it might be wise to transfer home ownership via quit claim to spouse because of previous tax problems... is this advisable? Was warned that the possibility could exist that the home would be taken away with both on deed.
Thanks

 

[seniorjudge]

What is the name of your state? California

A friend was advised by his tax person that it might be wise to transfer home ownership via quit claim to spouse because of previous tax problems... is this advisable? Was warned that the possibility could exist that the home would be taken away with both on deed.
Thanks

Tell your friend to fire his tax person and hire a good real estate attorney.

 

[HomeGuru]

Tell your friend to fire his tax person and hire a good real estate attorney.

**A: too funny. rocOt, IRS or other taxing entity could claim fraulent transfer of assets for the sole purpose of evading tax liability.