What kind of taxes are there for adding my son to the title of my property?
Answer:
is tax on people or on property. i hope it don't change seem that changing the title would pay for all of it I think they charge big time for title changes.
none
adding a son will not cause a reassessment on your property.
You son would be forfeiting a step-up cost basis if he inherits the property...In california, that would be the loss of substantial tax savings..Don't do it. Create a Revocable Living Trust and put the house in the name of the Trust and have your son as beneficiary.
Also, if your son's name is on the house and some lunatic tries to sue your son for some reason and wins..say goodbye to your house.. It's an unncessary risk. A trust is much better.
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