Legal Question in Wills and Trusts in California

My mother in law recently passed away and my wife is the sole beneficiary. She has a trust and a will. The house is the only asset in the trust. I have read about putting a value to all her assets. One question is, who gets that information. Also I have been told to get the house appraised to reduce capital gains tax down the road if we sell the house. What kind of appraisal is required? Does it go to somebody or someone? Also, she had a 401k plan. I have read that this can be rolled over into an inherited IRA or 401k plan. We are 56 years old. And lastly. My wife and I have a trust with our house in it. Do we transfer title of the house to my wifes name and then into our trust or is there a better process?


Asked on 4/09/10, 2:06 pm

1 Answer from Attorneys
Jonathan Reich De Castro, West, Chodorow, Glickfeld & Nass, Inc.

You have a lot of good questions, all of which are hard to answer based on the information provided. You should really sit down with a lawyer to go over all of these issues. The cost of such an initial meeting would not be that great and it could save you a lot of grief down the road, even if you don't hire a lawyer to do more. I would be glad to arrange a meeting with you to talk about this.

Jon Reich

IMPORTANT NOTICE: The above response is not intended to, and does not, create an attorney-client, fiduciary or other confidential relationship with the responder. Neither does it constitute the providing of legal advice or services or the giving of a legal opinion by the responder. Such a relationship can only be created, and legal advice and/or legal services provided, pursuant to a written agreement with the responder. Accordingly, no obligations of any kind are assumed with respect to any matter or question presented. It should also be noted that legal issues are often time sensitive and legal rights may be lost or compromised if you do not act in a timely fashion.

Read more
Answered on 4/14/10, 5:50 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in California