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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 117370
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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My sister and I are now beneficiary's our Moms living trust.

Customer Question

My sister and I are now beneficiary's our Moms living trust. I want to sell my share of the home. My sister wants to keep the prop 13 benefits. There are no other trust liquid assets. Mom's bank accounts were all used to pay for her health bills. No stock market or retirement funds.
How can this be done, if possible. So California won't call this a sale and do a home property tax reassessment
Submitted: 1 year ago.
Category: Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
You can sell your share of the home to the trust and leave it in the trust and no change in tax will occur. Also, you can sell your share to your sister and she can buy the home from the trust and that too would not be taxable, since it is a family transfer. Personally, if possible leaving it in the trust better protects the home and if your sister wishes to buy you out of your interest in the trust, that can be done with written agreement and that would not cause any tax increase and would not even be a transfer of ownership, since the trust remains owner and you are just bought out as beneficiary of the trust.
The other way, if it is deeded in both of your names, then she and you would do a quit claim deed to put it into your sister's name and that would be exempt by a interfamily transfer.

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