Level 2

Question

community property agreement.

Forum|Forum|5 years ago
August 20, 2021
9 replies
23 views

need help finding a "community property worksheet agreement" for ca. a community property st.

this is for a couple who bought a home in jt. tenancy and are preparing a living trust.

ProSeries Basic

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qbteachmt

Level 15

ProSeries is going to have income tax preparation forms.

Did you try asking google this? community property worksheet agreement

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6

699574Author

Level 2

maybe i did not ask the question right. How do you prepare a" community property death benefit

agreement" for a couple who purchased a home in a community property state. This is needed

for the double stepped up basis for community property when one passes away for the surviving

spouse.. written evidence is needed to show that the property is considered community property

at date of death.

thanx

BobKamman

Level 15

Sounds like a marketing tool to get a foot in the door for other estate-planning services, possibly leading to selling investments like annuities. What makes you think the place is not already community property? Some states have added "community property with right of survivorship" as an alternative to "joint tenants with right of survivorship," because some legislators were concerned that IRS might change its mind about joint tenancy being consistent with community property. Maybe you have some source that indicates that has happened. Or maybe you are looking for a solution to a problem that doesn't exist.

BobKamman

Level 15

Living trusts became popular in California so that people could avoid legal fees for probate. The lawyers were like Realtors, they charged a percentage regardless of how much work was done.

Now, Californians are avoiding legal fees for estate planning, by using do-it-yourself forms that may turn out to be correct when they die or get divorced.

sjrcpa

Level 15

@BobKamman Do you mean may turn out to be incorrect?

The more I know the more I don’t know.

BobKamman

Level 15

@sjrcpa That too

qbteachmt

Level 15

Why do you care about the issue of Community Property or Joint Tenancy, when you already told us this: "this is for a couple who bought a home in jt. tenancy and are preparing a living trust."

If the property is going into the Trust, then the other stuff doesn't apply.

A lot of people either don't need a Trust, or never bother to populate the Trust with the property the Trust would be protecting.

You can't have it both ways.

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