Legal Question in Wills and Trusts in California

Dear Attorney

I would like to ask for your help

December 2012 in California the judge closed the probate which took 5 years already, and started the trust.

The 2 trustees didn't sign it yet the document.

In the will there is 2 beneficiary.

One has a life estate uptill his death. (Only the divident of the estate goes for him.)

The other person gets the capital after his death.

Question: If the 2 beneficiary makes an outright agreement today other than its written on the will,.

Than how much will be the tax?

The will was written in 2007, when she died.

The outright would be in 2013.

Question: wich year's tax should be in this case?

How much percentage?

Thank you your answer.

Best regards:

Tamas Gyorgy

Asked on 11/05/13, 10:32 am

2 Answers from Attorneys

Victor Waid Law Office of Victor Waid

Sir, you need to direct your question to a tac accountant.

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Answered on 11/05/13, 11:44 am

William Christian Rodi Pollock

The answer to your question is highly dependent on the trust terms, and many other factors. For example, if the trust contains a spendthrift clause, you may not be able to vary the trust terms. The tax basis of the property and the interests therein depend on datae of death values. If you are able to enter into a transaction such as you describe ( which is a big "if"), the tax results would occur today as a sale of the remainder interest, or alternaitvely may be structured as a sale of the home with a division of the proceeds between you based on the life esrtate and remainder value. You need to discuss the issues witha capable trusts and estates attorney. providing them the documents creating the interests referenced. In essence, there is not enough information in your question to provide you a useful answer.

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Answered on 11/06/13, 9:54 am

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