Dad has a trust and son has a trust. They share a property 50%/50%. Both trusts are named the same, e.g., Jones Family Trust. A Trust Transfer Deed was performed to transfer dad's share into son's share of property. Should there be a clear notation, i.e., to distinguish one trust as separate and distinct from another?
If the intent was to gift dad's share of the property to son, the deed should clearly say so. Were the trusts executed on the same day? The date of the trust should be identified. In addition, the deed should indicate it was a gift transfer. In addition, you can put a notation down Note 1 on the face of the dad describing the transaction. In addition, a PCOR should be filed as well as BOE 58-AH(parent child exclusion).
With all that said, you really should be using an attorney for this transaction to make sure it is all done right and nothing is subject to later attack.
The general advice above does not constitute an attorney-client relationship: you haven't hired me or my firm or given me confidential information by posting on this public forum, and my answer on this public forum does not constitute attorney-client advice. IRS Circular 230 Disclosure: In order to comply with requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
16 lawyers agree
I agree with Mr. Shultz. The date of the trusts will distinguish them, unless they were signed the same day. If they WERE signed on the same day and it is important to differentiate, then the attorney(s) who prepared the trust should review this.
***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!
12 lawyers agree
Estate Planning Attorney
Distinguishing them could be important for later Estate usage. Here the 'Jones Family Trust' might refer to two different trusts, ie. John Jones & Melba Jones, Co-Trustees of the Jones Family Living Trust dated Such-and-Such, and then separately Tom Jones & Mary Jones, Co-Trustees of the Jones Family Trust dated such and such date." It would be prudent to have an Estate Planning attorney involved.
13 lawyers agree
Estate Planning Attorney
In addition to the sound responses from other attorneys, the proper title to assets held in trust is "XXXX, Trustee of the Jones Family Trust dated AAAA," and "YYYY, Trustee of the Jones Family Trust dated BBBB" As such, the date AND trustee likely differentiate the trusts.
THESE COMMENTS ARE NOT LEGAL ADVICE. They are provided for informational purposes only. Actual legal advice can only be provided after consultation by an attorney licensed in your jurisdiction. The answer to question does not create an attorney-client relationship or otherwise require further consultation. Mrs. Cook is licensed to practice law throughout the state of California with offices in San Diego County. She is authorized to handle IRS matters throughout the United States, and is also licensed to practice before the United States Tax Court. IRS CIRCULAR 230 DISCLOSURE: To ensure compliance with requirements imposed by the IRS, please be advised that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used or relied upon, and cannot be used or relied upon, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
9 lawyers agree
Wills and Living Wills Lawyer
I recommend that you contact an experienced estate planning attorney and have the deed reviewed to determine if there is a cloud on title.
No legal representation exists by virtue of this answer. It is recommended that you contact an attorney directly for a more complete response.
3 lawyers agree