Commonly defined as property acquired during the current marriage with the resources earned during the current marriage. Available to husbands and wives only in community property states such as California. Each party owns one half of the property and is free to pass that half to anyone at time of death. If the property is passed on to the surviving spouse at time of death it receives step-up in basis similar to revocable trust.
Revocable Living Trust
In addition to benefiting from stepped up basis, all the other property transfer issue are greatly simplified by this instrument, including property distribution at different ages, preserving one’s property for the children regardless what the surviving spouse does and avoiding probate.
Community Property With Right of Survivorship
Effective July 1, 2001 married couple may hold title to real property as “community property with right of survivorship”. This provides for non-probate transfer of title and the step-up in cost basis at time of first death. While this simplifies these two matters, it does not attend to any of other issues handled by revocable living trust.
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