From a tax standpoint, unless the home is worth more than a couple of million dollars, the only requirement would be to file a Gift Tax return on form 709 for the year you make the transfers. If you make the transfers (gifts) in 2016, unless the total of the two gifts are in excess of $5,450,000. over the annual gift tax exclusion amounts of $14,000. for each of you (total $28,000), there would be no gift tax due. There are a couple of other matters to consider.
In the case of the home, you will need to get an independent appraisal to support the amount of the gift and to use as the basis for your monetary distribution.
Also, you should note that your sister's tax basis in the home will be the same as your mother's tax basis; even though the gift tax return will use the home's fair market value, your sister will not be able to use that value as her tax basis. That is the disadvantage of making lifetime gifts of appreciated property. If the home were inherited from your mother or from your mother's revocable trust after your mother dies, then the beneficiary receives what is referred to as a "step-up" in tax basis equal to the fair market value of the appreciated property at the date of death. This can result in a substantial income tax advantage when the home is sold. That same tax treatment would apply to appreciated securities (stock) if that was transferred during your mother's lifetime, rather than at her death.
Another issue that you may want to confirm is that if the home is not in her revocable living trust, the you will want to make sure that your Power of Attorney is a "Durable Power of Attorney" which would allow you to administer her property for your mother's benefit in the case of her inability to act on her own behalf, for example because of her dementia. Further, since you are considering making gifts to your sister & yourself, either using the Power of Attorney in the case of property not in the Trust, or in the case of property in the trust, you should confirm that both the Power of Attorney as well as the provisions of your mother's trust, specifically permit you to make gifts on your mother's behalf. If not, you will want to consult with an attorney to review the documents and provide you with a legal opinion that what you are contemplating is permissible under the law in California. That can only be determined by a review of the actual documents involved.
Normally, the Power of Attorney will not apply to the Trust; those Powers will reside with the Trustee or Co-Trustee and if your mother is her own Trustee while she is alive, you will want to seek counsel as to when it is appropriate to make the determination that she can no longer act on her own behalf and confirm who & under what specific conditions the Successor Trustee has the authority to act.
I'll be happy to respond to any follow-up questions that you may have.