DEEDING CONDO TO GRANDAUGHTER WAS COSTLY ERROR

DEAR BOB: Shortly before my grandmother died, she deeded her condo to me because she was living in an assisted-living center and had no plans to return to her condo. She died about three weeks later. However, I didn't record the deed before her death. It turns out her will left the condo to her son (my uncle) who is now claiming it under the will. It is worth around $450,000 although grandmother only paid about $76,000 many years ago. Do I have a valid claim to the condo title? - Nancy R.

DEAR NANCY: Shame on you for not promptly recording your deed. If you had done so, you would clearly own the condo today.

Instead, your uncle can argue that because you failed to record the deed before your grandmother's death, it was not delivered unconditionally so he inherits it under the will.

Also, because your grandmother deeded her condo to you before death, if your deed is determined by the probate court to prevail over the will provision, your adjusted cost basis will be grandmother's low $76,000 adjusted cost basis rather than today's $450,000 market value. My best advice is hire a super-sharp probate attorney.

The new Robert Bruss special report, "Probate Property Profit Secrets Revealed," is now available for $5 from Robert Bruss, 251 Park Road, Burlingame, CA 94010 or by credit card at 1-800-736-1736 or instant Internet delivery at www.BobBruss.com. Questions for this column are welcome at either address.

(For more information on Bob Bruss publications, visit his
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Copyright 2006 Inman News