Seeking Advice on Property Ownership and Cost-Effective Transfer

[Sean Overcrest]

Hi there,

I'm trying to determine the best way to live in and eventually acquire a property as an inheritance while maximizing cost-effectiveness. Would an LLC be a viable solution? I'd appreciate your input. The details are as follows:

My mother currently resides in a property located in Los Angeles County. The title is in the name of her sister (my aunt) and my mother’s husband (not my biological father). However, my mother has financially contributed to the property, effectively making her the rightful owner. Both my aunt and my mother’s husband have agreed to remove their names from the title, transferring sole ownership to my mother. Since my aunt is the listed owner, Proposition 19 does not apply in this case.

We consulted a lawyer who mentioned that transferring the property to an LLC could allow me to be added to the title without triggering a property tax reassessment. However, I've read that some banks may not permit this arrangement. Given these circumstances, do you think an LLC is the best approach, or is there another way to add me to the title without affecting property taxes while ensuring I become an owner?

I appreciate your time and insights.

Thanks,

Sean