I want to place my home that I own into a Living Trust, however, I do not want to loose Proposition 13 that I've had for a long time. ( Proposition 13 is a tax law that raises property taxes no more that 10% yearly)
Answered on: 8/23/09, 1:54 am by Robert F. Cohen
You should talk to a tax advisor. Generally, when a property is placed into the owner's revocable trust, it does not lose its tax basis.
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