Q. My mom owned her home for 25 years before she recently passed, and she held that in her trust. Her trust leaves it 50-50 to my brother and me. I would like to keep the home by purchasing my brother’s interest for cash, and he is okay with that. Is there a way that… Read More »
Posts Categorized: Property Tax & Prop 19
What’s Involved in Administering a Trust?
Q. My father recently died. His home, bank accounts and other assets were held in a Living Trust. His financial advisor said we should now engage a lawyer to help with trust administration. What? I thought if you had a Living Trust that there was little or nothing to do following the death of the… Read More »
The Tax Consequences of Selling a Home After the Death of a Spouse
Q. My husband died last year, and I am now considering selling our home and relocating to be closer to our daughter. I am concerned, however, about the potential tax consequences when I sell. Can you provide any information on this point? A. Yes. The biggest concern when selling property is capital gains taxes. A capital… Read More »
Preserving Your Parent’s Low Property Tax on Trust Distribution After Prop. 19
Q. My mom owned her home for 25 years before she recently passed. Her trust leaves it 50-50 to my brother and me. I would like to keep the home by purchasing my brother’s interest for cash, and he is okay with that. Is there a way that we can do this without triggering a… Read More »