Transferring titles but maintaining lease - please help!

[Debbie C.]

I would like to transfer the title of my rental property (in California) to my daughter. The property is owned free and clear. However, I am concerned because we have tenants in the property and we don't want to make any changes to the lease and are also worried that changing insurance policies would also be cumbersome. So I was considering whether it'd be better to leave my name on the title with some percentage of ownership. The idea behind that being that maybe we can avoid having to notify our tenants and insurance companies of the changes. Does anyone have any advice in regards to this? Thank you.

[Bill B.]

Your tenants don’t know/don’t care who owns the building. The leases automatically survive transfers/sales  

If you don’t transfer the insurance, you might as well cancel it, because you won’t have any coverage. 

Don’t forget to send the federal government and the state government their money. They’re going to want all the capital gains and depreciation recapture taxes paid. (And the first taxes you’ll owe if the property is worth more than $15k unless you have your cpa allocate the gift against your lifetime exclusion.) 

Make sure she had plenty of personal insurance and doesn’t have any judgement against her currently or pending or taxes/child support owed or the property will go towards paying those off. (Probably also make sure none are pending against you as I’m sure they’ll claim the property was transferred to escape the judgment.)