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Juliana, My parents had a living trust made to leave their

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Juliana, My parents had a living...
Juliana,
My parents had a living trust made to leave their house to my sister and I, the attorney that wrote up the trust did a real fine job with it, both my parents are now deceased and I want to turn the house over fully to my sister with a small buyout but the way the trust was written the taxes on the house go up as if i'm selling the house to my sister- is there anything we can do to avoid the property taxes to increase?
Submitted: 2 years ago.Category: Estate Law
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Customer reply replied 2 years ago
can you please email me any options we have at this point -***@******.***
Answered in 9 hours by:
6/3/2015
Estate Lawyer: Irwin Law, Attorney replied 2 years ago
Irwin Law
Irwin Law, Attorney
Category: Estate Law
Satisfied Customers: 7,430
Experience: 30+ yrs. handling probate estate, wills, trust, inheritance & real estate related matters
Verified
Hello. I am not a CA attorney, but perhaps I can assist you generally. Here is a Q&A from the State Board of Equalization which explains CA's very complex real estate tax reappraisal on transfer statutes. http://www.boe.ca.gov/proptaxes/faqs/propositions58.htm. A lot depends on the powers that the trustee was given in the trust instrument. If the trustee has the power to lease the home, perhaps your sister could "rent" the home and the trustee pay you the money under some other power. Then, a perhaps a disclaimer of interest between you an the trustee would avoid being an actual transfer of title to your sister, but have the same effect. You really do need a CA attorney to review the trust in the light of the statute and come up with something creative that the trustee can do which meets the needs of both you and your sister. I hope this information is helpful.
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Category: Estate Law
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