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Q.What is Community Property with the Right To Survivorship?
A.This is a relatively new method of holding title in California. This form of title is a cross between "community property" and "joint tenancy with right of survivorship" and has the advantages of both. It was created to allow a surviving spouse to avoid probate with respect to assets held jointly with a spouse and at the same time allow the spouse to get the “stepped-up cost basis” in both halves of the property.
A married couple that owns property in California can change the way they are holding title by executing and recording a new deed from themselves to themselves. Since every couple's tax situation is unique, it is strongly recommended that you consult with a CPA and/or a real estate or estate planning attorney before executing any changes to the manner in which you are currently holding title.
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