I am in California, a community property state. I am doing some research on how my house title, and joint brokerage account can be designated. I do not have a trust yet. All my house and accounts have TOD/POD and beneficiaries. But, I would like to change the designations first.
Currently, both are designated as 'Joint Tenant'. I understand that if one of us dies first, the value of the house, and joint brokerage account will have 1/2 of the step up basis modified.
There is a way to change our house title, to show 'Community Property with Right of Survivorship'. We plan to do that soon. With this designation, if one of us dies, the whole value of the house base will be stepped up.
With the Joint brokerage account in Charles Schwab, looks like they can also change with a letter of authorization signed by both owners. The whole account will have step up value if one of us dies.
Has anyone done this?
Currently, both are designated as 'Joint Tenant'. I understand that if one of us dies first, the value of the house, and joint brokerage account will have 1/2 of the step up basis modified.
There is a way to change our house title, to show 'Community Property with Right of Survivorship'. We plan to do that soon. With this designation, if one of us dies, the whole value of the house base will be stepped up.
With the Joint brokerage account in Charles Schwab, looks like they can also change with a letter of authorization signed by both owners. The whole account will have step up value if one of us dies.
Has anyone done this?