I apologize for the bizarre title to the thread, but I’ll try and make this as concise as possible.
My grandmother passed away about 2 months ago and my step-grandfather’s health has been deteriorating for quite some time. In an attempt to assure that their home is not jeopardized should he have any major medical issues that are not fully covered by his medical insurance (i.e. place a lein on the house), he wants to transfer ownership of the home into my father’s name. Keep in mind that while my step-grandfather was married to my grandmother, my father was never adopted by him, which I assume makes them legally “unrelated”?
My questions:
1. If the home is transfered into my father’s name, will the assesment of the property value change, thus reseting the property tax to the newly assesed value? The home was purchased new at around 1950, so property tax has prop 13 protection.
2. Since my father and step-grandfather were not legally related, would transfering ownership require a gift tax payment?
If anyone has any knowledge about this, I would appreciate it.
I’m no lawyer, but I bet they are legally related. I connect them via community property and blood. That is, the marriage makes the assets community property and the maternity allows the offspring to share in that.
I do think the property will be reassessed however and I can’t speak to second item as I don’t know how that works, blood relations or otherwise.
Also, sorry that I’m the opposite of what you asked for (knowledgeable in this area), but since no one had replied anyway, I found it fun to theorize.
I’m no lawyer, but I bet they are legally related. I connect them via community property and blood. That is, the marriage makes the assets community property and the maternity allows the offspring to share in that.
I do think the property will be reassessed however and I can’t speak to second item as I don’t know how that works, blood relations or otherwise.
Also, sorry that I’m the opposite of what you asked for (knowledgeable in this area), but since no one had replied anyway, I found it fun to theorize.
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