Legal Question in Wills and Trusts in California
Keep of Disolve a Trust
My mother is the surving co-trustee on a Trust, the trust has a value on real estate of approx. $900,000.00, can she disolve the trust and just add a joint tenant to the property without paying any taxes?
1 Answer from Attorneys
Re: Keep of Disolve a Trust
this depends upon the provisions of the trust agreement and whether or not she has made prior taxable gifts (creating a joint tenancy is a taxable gift for federal gift tax purposes[subject to various exclusions]). whatever is attempting to be accomplished may in fact be better achieved by some other method. in additiona, there may be real property reassessment issues which could affect this transaction.
she should consult a qualified estate planning attorney with a knowledge of income, real property, gift and estate taxes.
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