Legal Question in Real Estate Law in California

Re: Living Trust

A trust is the best way.

Re: Living Trust

Are there any other beneficiaries? If not then your mother may consider transfering her property now. Contact me directly.

Re: Living Trust

It really depends upon what type of property you are talking about, how many other beneficiaries exist and, to some degree, the value of that property. Before trying to transfer property yourself, you might want to talk to an estate planning attorney in your area to discuss your mother's specific circumstances.

Re: Living Trust

I have to agree with Attorney Hoffman - there are a lot of factors to consider before anyone can simply say one option is better than any others. There are income tax and property tax implications of nearly anything you do to resolve this issue, and they can be substantial. There are also questions of cost vs. benefit - in many instances a trust is "overkill" given the size and type of assets in an estate. The only way to know for sure is to meet with an attorney who can prepare the necessary documents for your mother's estate to pass without significant court involvment (probate, etc...) after her passing.

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Re: Living Trust

The biggest problem I see in my practice with trusts is that the person who sets up the trust fails to put things which have a title (such as real estate or brokerage accounts) into the name of the trust. You should know what real estate your mother holds and you can probably go online to the relevant county website and see how the real estate is titled. You can ask her about other assets. I presume you are the successor trustee of the trust. You can ask your mother where the original of the trust is.

It might be worth a couple hundred bucks to have an attorney review the trust and situation either with you in Nevada or with your mother in California.

Trust are very effective in avoiding probate but sometimes the people who set up the trust fail to keep all of their property with a title in the name of the trust. If real estate or a brokerage account is not in the name of the trust, then a probate may be necessary to transfer the real estate or brokerage account after your mother dies

Re: Living Trust

You are correct that a trust with a pour over will is the best means of transferring the property after her passing. This will also give the step up in basis for the beneficiary.

Another option is to change title to joint tenancy with right of survivorship.

A third option is for her to gift it to you now and you take the transfer tax break under the parent to child transfer.

Our office specializes in Wills, Trusts, Estates and Probate. Believe me when I tell you, get a trust and will made, it will make everything that much simpler later, and the trust is the only way to avoid Probate.

If you would like further assistance, please feel free to contact me directly at the email provided by LawGuru where we can discuss your options compared to your desires in a private forum.

I can also be reached through one of our firm's sites. One is PasadenaEstatePlanning.com and the other has a lot of information about Probate as well as wills and trusts, it is located at No-Probate.com.

No matter who you use, I really suggest you speak to an estate planning attorney.

Yours Truly,

Scott Linden