Legal Question in Wills and Trusts in California
We recently did a quitclaim deed for land (California) from my mom to me as trustee of a grantor trust. I do not find anything in the quitclaim that says Life Estates. Yes, mom can live there forever as far as the family is concerned, but I understand the property tax will double or triple now that it is out of her name. Is there a form to take care of this?
3 Answers from Attorneys
It depends on what type of trust and what the trust provides as tto whether the property taxes will be reassessed. You should direct your question to the attorney that drated the trust and hopefully the deed. If you did the trust and deed on your own, you need to have an attorney review everything.
There is a form available from your county's assessors' office which will declare that the transfer is exempt from reassessment as a parent child transfer.
You had better consult with a competent attorney as soon as possible. When a deed is recorded, the County Recorder usually requires a form called a preliminary change of ownership form to be deposited. That form contains exemptions from reassessment for property tax. There is a strict time limit to claim the exemption from reassessment, and once the time has run, it is too late, even if the exemption clearly applies.