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REMOVING NAME OFF OF TRUST PROPERTY

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RodNave53 Joined: 22 Jul 2011 Posts: 1 1.00 Dollars($)	Posted: Fri Jul 22, 2011 2:09 am    Post subject: REMOVING NAME OFF OF TRUST PROPERTY Like 0 Dislike 0 I live in California, (LA County) When my Grandmother was alive she owned a Duplexe which was fully paid off. She put the property in a Living Trust to be passed on to my sister and I when she dies. She passed away, and now my sister and I own the property 50/50. The property is under Prop. 13, so our yearly taxes are very low. If I decide to remove my name off the property, which would make my sister the sole owner, would that trigger any tax payments of any kind, or remove the property from being under Prop. 13? Thank you in advance for any help. -Celina
jameshogg Joined: 20 Dec 2005 Posts: 10443 Location: Nevada 984.98 Dollars($)	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
raymond Community Expert Joined: 03 Jul 2009 Posts: 1180 Location: Irvine, California 26.67 Dollars($)	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

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