Title with Deeds
Ways to Take Title with Deeds in Arizona
Deeds are legal tools used to transfer property from a owner to another. There are many types of deeds to be utilized in real estate title transaction.
From Tax point of view, a deed can solve your inheritance problem if you do it correctly. Consult with an attorney or sit down with us to talk before your action. It might save you lots of taxes, and unnecessary headache.
Types of the Title ownership:
Community Property with Right of Survivorship is co-ownership by married persons providing for the surviving spouse to retain full title after the death of the other spouse. Allows for a stepped-up tax basis for Capital Gains Taxes to a surviving spouse.
A Joint Tenancy with Right of Survivorship involves two or more owners who each have an equal and undivided interest. If one owner dies, the surviving partners take the deceased owner’s share in the property.
The property can be divided evenly, or the owners can control differing shares if needs be (e.g. two business partners own 25% each, and the third owns 50%).
The beneficiary deed form allows property to be automatically transferred to a new owner when the current owner dies, without the need to go through probate. It also gives the current owner retained control over the property, including the right to change his or her mind about the transfer.
A Gift Deed is a document used to transfer ownership of property from one person or organization to another. Gift deed can be instrumental, and consult with an attorney will be beneficial.