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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

Niicss · Posted: Mon Jul 25, 2011 2:02 am Post subject:

Once you remove your name from the property, the property may be reassessed for taxes. In such a situation, there are chances that the taxes may change. You need to contact a tax adviser and take his opinion in this regard.

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REMOVING NAME OFF OF TRUST PROPERTY

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