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LawHelpNow
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To Mr. Brnjamin Burt You answered my questions yesterday ...

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To Mr. Brnjamin Burt: You answered my questions yesterday regarding my suster and I owning abeach house in equal shared which is in a revocable living trust. Ehat are the tax consequences of transfering my deed of title over to her(she would pay me my half of appraised value without looking at this as an actual sale of my half to her but just not wanting the beach house and giving it to her)..Is that legal? And will the private appraisal raise the property taxesor bring about capital gains
Submitted: 8 years ago.
Category: Legal
Expert:  LawHelpNow replied 8 years ago.

Hello and thanks for choosing Just AnswerTM. It is good to hear from you again.

I would be glad to consider your additional questions. Just so I am clear about the situation, could you please fill me in a couple of particulars.

  1. You mentioned that this property is held in a revocable living trust, so the provisions of that instrument will govern such a proposed transaction. Does this document address this situation? If so, could you summarize what it says?
  2. I am not quite sure I understand about your sister "not looking at this as an actual sale". Are you saying she has proposed paying you "under the table" and then deeding the property over as if it was a gift?

I will be in touch once you have a chance to provide these details. Thanks again.

UPDATE: I must apologize. Please be aware that I mistakenly hit the "Accept" button when I meant to send this as an "Info. Request". I did not mean to do so, and I am not asking for payment as this point where I have yet to provide your answer. Thanks!

LawHelpNow and 4 other Legal Specialists are ready to help you
Customer: replied 8 years ago.

Am I correct is assuming that since the original trustors of this declaration are deceased,my sister and I are the Trustors now as well as trustees since we have no third party involved? There is an area in our trust "power to revoke change trust"it states that at any time the trustors may revoke or change at any time change the interest in any trust created or to be created pursuant to this declaration of any beneficiary named in this declaration or in any amendment to this declaration.Also to revoke in whole or in part any trusts or trusts created by or to be created pursuant to this declaration. Also withdraw all or any part of the trust estate.I am going to suggest to my sister that I am gifting my half of property since I have no use for it but that she will pay me my share I guess under the table for the purposes of loaning me the money for financial problems I am having.

Expert:  LawHelpNow replied 8 years ago.
Hello again and thanks for writing back. The scope of this matter is getting outside of my area of expertise, so I will need to opt out (without charge) so that other legal experts can view your question and answer it, if they choose to do so. We do have forums for real estate law and estates law, as well as this general legal forum. It has been a pleasure conversing with you, and I hope that things work out to your satisfaction. Best regards, XXXXX XXXXX you again for choosing to use Just Answer™.
Customer: replied 8 years ago.

thank you for your time

Expert:  LawHelpNow replied 8 years ago.
You are quite welcome. It was my pleasure. Best wishes.

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