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My husband benfits from the California Prop 13 law. He has

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left half his house in...
My husband benfits from the California Prop 13 law. He has left half his house in a trust for me. We want to know if something happens to him if I can benefit from prop 13, without my name on the house. He is sole grantor of the trust. He is changing the trust to give me lifetime estate, or freedom to sell, and get 50%, and the rest to his kids. Could I stay in the house and get prop 13 or move to another city in california and benefit from prop 13?
Submitted: 6 years ago.Category: Tax
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Answered in 1 hour by:
7/4/2011
Tax Professional: Lev, Tax Advisor replied 6 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,132
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LEV :

Whatever you are asking is a Proposition 58 which allows reassessment Exclusion for Real Property Transfers Between Parents and Children. So the property will transfer to children given you lifetime estate will be excluded from reassessment.

Propositions 60 and 90 allow senior citizens to transfer the adjusted base year value from their current home to a replacement dwelling.

Proposition 60 relates to transfers of base year values between properties located within the same county. Proposition 90 relates to transfers of base year values from an original property in one county to a replacement property in another county within California. For a transfer to be eligible under Proposition 90, the county in which the replacement property is located must have adopted an ordinance that allows such transfers.

If your county passed ordinances authorizing these intercounty transfers - that should be verified in the county assessment office. Currently, the following eight counties have passed ordinances: Alameda, Los Angeles, San Diego, Santa Clara, El Dorado, Orange, San Mateo, and Ventura.

Let me know if you need any clarification.

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