Legal Question in Wills and Trusts in California
How much money in taxes does it cost to have my father`s properties in Oregon transfered 50% to me and 50% to my father`s wife after his death? Of course having my father last will stating that. My father properties worth about (real price) $1,000,000. We all leave in California. Thank you
3 Answers from Attorneys
There may not be any taxes, contact me directly.
It may also depend on OR law. We'd be happy to review the issue for you, but you may also want to contact an attorney in OR. The reason the last answer said that there may be none is because in CA there is an exclusion for a Parent to Child transfer of Real Property, but, again,I am not certain if this will be true or if there is another law reulating out of state inheretants in OR.
Do you know if there was also a trust or just a will? This could also make a difference.
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I couldn't tell from your post whether your father is still alive, and whether he, too, lives (or lived) in CA. If he is still alive, a trust might just be the proper way to make certain that the property is transferred the way he wants.
If he is deceased and lived in CA and there was no trust, you would have to begin probate proceedings in CA and open an ancillary proceeding in OR. That could get more expensive than doing it yourselves, especially when lawyers are involved to do it properly.