I have a living trust with two beneficiaries named. One of them stole tens of thousands of dollars. Can I just transfer my property to the remaining beneficiary and just avoid all else.
You can do anything you want with your property. I would recommend, though, that if you want to disinherit the beneficiary who has already stolen from you, that you have your trust amended to do that.
Giving your house to the other beneficiary now subjects your home to that beneficiary's creditors, and gives them your basis in the house. What that means is that if they sell the home, they will have to pay a lot of capital gains taxes. Besides that, if the beneficiary is not your child, the property taxes will go up upon the transfer.
Consumers can use this platform to pose legal questions to real lawyers and receive free insights.
Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.