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Can I transfer ownership of my personal residential property into my existing living trust if the state has filed a lien on theI have owned the property just over 2 years. It is my largest asset and should be in my trust. Franchise Tax has put a lien on the property for unpaids taxes for 2006 only. I own the property free and clear, no mortgage lender involved. I am getting older and worry if something happens to me and the property is not in the trust, my children will be the big losers. My tax problems are being negotioated with IRS and after they make a final decision, then I will be able to satisfy what the state is going to require. I am the only person on the deed and I am the trustee of my trust. No other people involved. Attorney answers (1)
You can change the title into the name of your trust even if there is a tax lien. HOWEVER, you will still owe the money to the IRS and the Franchise Tax Board. You will also still need to make sure that all of the property taxes are paid. The only difference having the property in the trust will make is that it should not have to go through probate (which is probably one of the reasons you created the trust in the first place).
This information is not intended to substitute for professional legal advice and does not create an attorney-client relationship. You should accept legal advice only from a licensed legal professional with whom you have an attorney-client relationship. 1 person marked this answer as good
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