Legal Question in Wills and Trusts in California
What is best method to leave my house to grand nephew and niece?
Asked on 3/30/10, 8:52 am
2 Answers from Attorneys
Robert F. Cohen
Law Office of Robert F. Cohen
You might create a living trust and transfer the house to the trust now. Then, upon your passing, the property could be transferred to whomever you designate in the trust.
Answered on 4/04/10, 9:16 am
Ken Koenen, LLM
Law Office of Ken Koenen
For tax purposes and avoidance of probate, it would be best if you set up a living trust and left it to them through the trust. If you deed it to them now, they would receive your basis for tax purposes, which might create a large capital gains tax if they ever sell it. Using a will would be much more expensive than creating a trust, because of probate fees.
Answered on 4/04/10, 2:15 pm
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