Legal Question in Wills and Trusts in California
I have a living trust of which I am the only trustor. I recently married and trying to decide how I can leave my house to her without changing the property taxes.
Do I transfer the house out of my trust and make it joint with her or can I keep it in the trust and pass it on to her after I pass away? There are currently other assets in the trust now, but not much. I live in California. I have 2 adult children. They are successor trustees. I do not wish at this time to make my new wife a successor trustee.
1 Answer from Attorneys
I think you should meet with an attorney as this is a significant life decision. While a spousal transfer generally will be exempt from reassessment; however, what you are talking about is taking your separate property and leaving it to your spouse and essentially disinheriting your children since the other assets in your trust have little value. That's a big decision and you may want to consider other options, such as a life estate for your wife with a remainder to your children.
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