QUESTION
My question deals with step up basis of real estate.
Asked on Apr 10th, 2016 on Trusts and Estates - California
More details to this question:
I hold rental property in my home state of California. It was deeded in the name of a revocable trust (We'll call a property trust) which at the time was simply to avoid probate and name beneficiaries upon my death. This property now has a significantly higher market value than it's basis. For privacy reasons I desire to keep the property titled to the rev property trust name but am now considering a new Family trust with Dynasty provisions. What is the best way to include this property in my new Family trust without re-titling the deed?
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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Price Law Firm, APC
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In order for the new Family Trust to hold the real property, you will have to re-title the deed to the new Family Trust. So long as the beneficiaries are the same in each trust and the new Family Trust isn't irrevocable, then there isn't a change in ownership of the property, only a change in the manner of taking title.
Answered on Apr 11th, 2016 at 8:25 AM