Legal Question in Wills and Trusts in California

Re: inheriting a house

the trustee of this trust should retain a qualified attorney to provide advice and any necessary documents in connection with legal, tax and other aspects of the administration of the trust by the fiduciary.

Re: inheriting a house

Deed to transfer title -

also I would prepare a parent/child exemption form re keeping property taxes same

Yes - step up

Do this all the time, email if you want assistance

Re: inheriting a house

I assume the properties are all in California. The house gets a stepped up basis on your father's death and then your mother's. You need to file with the local assessor a form requested an exemption of any increase in assessments because it was a husband to wife tranfer. You may need to file for your father a death of joint owner form. On your mother's death, the whole house is stepped up to its fair market value at the date of her death, although with the price drops you might not want that. Cal the County up to see what papers they want to make the transfer to title to your sister.

Re: inheriting a house

I assume the properties are all in California. The house gets a stepped up basis on your father's death and then your mother's. You need to file with the local assessor a form requested an exemption of any increase in assessments because it was a husband to wife tranfer. You may need to file for your father a death of joint owner form. On your mother's death, the whole house is stepped up to its fair market value at the date of her death, although with the price drops you might not want that. Cal the County up to see what papers they want to make the transfer to title to your sister.