I added my son on the deed of my property in Ocean View, Hawaii, just to make things easier after I pass. He’s not listed on the tax bill, though. Does anyone know if that changes anything about ownership or taxes?
If he’s just on the deed for inheritance purposes, like a beneficiary, then he wouldn’t be on the tax bill right now.
Ridley said:
If he’s just on the deed for inheritance purposes, like a beneficiary, then he wouldn’t be on the tax bill right now.
Ah, that makes sense. So he only gets on the tax bill if he’s an actual co-owner?
Ridley said:
If he’s just on the deed for inheritance purposes, like a beneficiary, then he wouldn’t be on the tax bill right now.
Exactly! If he was listed as a ‘Joint Tenant with Rights of Survivorship,’ then he’d share ownership with you, and both of your names would be on the tax bill.
Yeah, your son’s not technically an owner yet. He’ll only fully own it after you pass away unless you change his status on the deed.
Kris said:
Yeah, your son’s not technically an owner yet. He’ll only fully own it after you pass away unless you change his status on the deed.
Wait, what’s ‘Joint Tenant with Rights of Survivorship’ mean exactly?
Kris said:
Yeah, your son’s not technically an owner yet. He’ll only fully own it after you pass away unless you change his status on the deed.
It’s a way to co-own property. If one of the joint tenants passes away, the other one automatically becomes the sole owner.
Kris said:
Yeah, your son’s not technically an owner yet. He’ll only fully own it after you pass away unless you change his status on the deed.
Got it! Thanks, that makes it clearer.
FYI, if you leave him as a beneficiary, he just inherits it when you pass, which is simpler for taxes and stuff. No shared ownership now.
Jovi said:
FYI, if you leave him as a beneficiary, he just inherits it when you pass, which is simpler for taxes and stuff. No shared ownership now.
Good point, thanks! I’m just trying to keep things smooth for him later.
Just so you know, if you add him as a joint tenant now, you’d both be on the tax bill right away. It has its pros and cons.
Zephyr said:
Just so you know, if you add him as a joint tenant now, you’d both be on the tax bill right away. It has its pros and cons.
Yeah, I’m thinking it’s easier just to keep it as is for now.
I did something similar with my property. Added my daughter as a beneficiary instead of co-owner. Works out simpler tax-wise for us.
Avery said:
I did something similar with my property. Added my daughter as a beneficiary instead of co-owner. Works out simpler tax-wise for us.
Same here, it keeps things straightforward. No tax complications until the transfer happens.