Legal Question in Real Estate Law in California

My mom passed in 2015 and title to her house via a trust was transferred to myself and two siblings. We still have the prop 13 benefits. Home is still in the trust as my step father has a life estate and is still living.

Question: If myself or one of my siblings want to buy out the other two is there a way to keep the prop 13 benefits on the home? Could any of us relinquish the inheritance or is it too late? If one bought out the other two would 1/3 of the prop 13 benefit be kept? Another scenario I thought of is if there was a 15 or 20 year note buying out two siblings would that extend the prop 13 benefits. I'm not sure yet if it would be owner occupied.

Thank you!

Ed


Asked on 7/20/23, 1:44 pm

1 Answer from Attorneys

You say two contradictory things that make this hard to answer. You say title transferred to you and siblings. Then you say title is in the trust. Can’t be both and the question can’t be answered without knowing which is correct.

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Answered on 7/21/23, 12:17 am


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