Home arrow Mortgage Forums arrow Announcements Feedback and Our Pub arrow

REMOVING NAME OFF OF TRUST PROPERTY

Author Message
Icon Mini Profile RodNave53





Joined: 22 Jul 2011

Posts: 1

1.00 Dollars($)
Post Posted: Fri Jul 22, 2011 2:09 am    Post subject: REMOVING NAME OFF OF TRUST PROPERTY
Like 0
Dislike 0

I live in California, (LA County) When my Grandmother was alive she owned a Duplexe which was fully paid off. She put the property in a Living Trust to be passed on to my sister and I when she dies. She passed away, and now my sister and I own the property 50/50. The property is under Prop. 13, so our yearly taxes are very low. If I decide to remove my name off the property, which would make my sister the sole owner, would that trigger any tax payments of any kind, or remove the property from being under Prop. 13?

Thank you in advance for any help.

-Celina
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10443
Location: Nevada
984.98 Dollars($)
Post Posted: Sun Jul 24, 2011 10:38 pm    Post subject:
Like 0
Dislike 0

Hi RodNave,

Well... change in property ownership may lead to new property tax assessments. So, there are chances that the property tax may change. You and your sister can contact a tax adviser and take his opinion in this regard.

Thanks
Icon Mini Profile raymond
raymond
Community Expert
Community Expert

best lender badge

Joined: 03 Jul 2009

Posts: 1180
Location: Irvine, California
26.67 Dollars($)
Post Posted: Sat Jul 30, 2011 7:08 am    Post subject:
Like 0
Dislike 0

You can call the County Tax Accessor's office and they'll answer your question.
_________________
Raymond Denton
www.RaymondDenton.com
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.099 seconds.