Legal Question in Wills and Trusts in California
My parents owned a property that was in their Trust, A & B- Type.
My dad past away on 6/26/2008 and my mother as a trustee trnsfered 50% of the property to Trust 1 (my deceased father's non revocable trust) and the other 50% to Trust 2.
Considering "Proposition: Tax Exemption From Parents to Child " will the property tax on 50% in the Trust 1, change?
Asked on 12/09/10, 11:56 am
1 Answer from Attorneys
Michele Cusack
Pollak & Cusack
Upon your mother's death, the half f the property held by Trust A and the half held by Trust B will both qualify for the Exemption for reassessment for transfer from parent to child (assuming you and your siblings, if any, are the beneficiaries.) Note that inter-sibling transfers will be re-assessed.
Answered on 12/14/10, 2:55 pm
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