In order to get step-up of the cost basis for an entire community property with right of survivorship in California, what documents should the surviving spouse file? Assume that the property is held in the X and Y revocable living trust, and ...
Assuming the property is held as community property within the living trust, filing an Affidavit of Death of Trustor/Trustee with a certified copy of the death certificate, plus a Preliminary Change of Ownership Report indicating that the trustor/trustee has died, is all that is necessary.
A quitclaim deed from the trust would only be used if the surviving spouse wished to remove the property from the trust.See question
I just learned that my grandfather passed in Jan 2015. I looked him up and started thinking what happened to his and my grandmothers home. I found out that he transferred the deed into a family trust in 2012. I am the only living heir to this esta...
You have a complicated situation. You cannot just transfer real property out of a trust without establishing that you are, in fact, the successor trustee of the trust after your grandfather died.
You will need to see if you can locate a copy of your grandfather's trust. Looking at the deed that transferred his property to the trust would be a start, as it may have been prepared by a local law firm and there may be information about the law firm on the deed. If there is no clue there, you may need to start calling estate attorneys around where your grandfather lived to see if any of them prepared his trust for him.
If that doesn't work, then some kind of Probate Court action will be necessary to get the property transferred to you, even if you are the only living heir to the property. You should contact local estate planning legal counsel to assist you with this. www.estateplanning.com would be a good place to start to find experienced estate attorneys to help in your area.See question
There are two properties at hand one was left 100% (property A)to heir #1. The other property (B) was distributed to all 3 heirs but not equally. I understand we are going to get hit with capital gains (because the title is held in the trust not t...
Your fact situation is far too complex to be answered on a public website. You are asking about capital gains taxes (which may not apply at all), inheritance taxes (none in California, but federal estate tax possible), and whether or not this trust will have to pay those taxes.
You need to have the trust reviewed by estate planning legal counsel and the status and value of the real property, as well as the total value of the trust estate and other assets that belonged to the decedent (deceased person) in order to determine if there is any income and/or estate tax liability at all. I suspect there is none, but there is not enough information to give an answer.See question
My father passed away this past March. He did not have a will but he left a Trust. My brother said he was named the Trustee. I asked my brother if I could see a copy of the Trust and he flat out declined. He said that "by law he is the only on...
Under Probate Code Sections 16060-16069, you have a right as an heir of your father to receive a required notice under Probate Code Section 16061.7, as well as a copy of the terms of his trust.
See an estate lawyer, and have him/her send a demand letter to your brother for a copy of the trust. If he then fails to provide it, you may need to go to Probate Court for an order compelling him to turn over a copy, and possibly requesting that the Court remove your brother as trustee because of his refusal.See question
My grandmother just past away July 2, 2016 right before this one of my uncle's stepped up and had a trust set up for her. According to what I was told by my grandmother I got everything except the house and the house was to go to my uncle with som...
Specifically, Probate Code Section 16061.7 requires notice by the trustee of a trust when it becomes irrevocable, such as through the death of the original creator of the trust (the settlor or trustor). The notice has to sent to all named beneficiaries in the trust, and those who would be the heirs under the law for the person who has died.
If you are in fact a beneficiary of the trust, you are entitled to this notice and a copy of the terms of the trust from your uncle. You also should not sign anything until you have consulted with legal counsel about your rights and to review whatever your uncle wishes you to sign.See question
My husband has a trust fund when he was a single /// Now we get married for 4yrs. The trust book was on his brother /// now my husband wants to renew about the trust book but the brother they dont want to give to my husband ?
It is not really clear what you were asking. You should schedule a consultation the local San Jose trust attorney and bring in all the documentation you have. Then you may be able to get an answer to your question.See question
My trust from 20 years ago does not include my IRA. The IRA does have a beneficiary designation. Do I have to put the IRA into the trust to avoid probate?
You actually would not want to transfer your IRA to a living trust, because that would be considered a distribution of the entire value of the IRA in the year you did that.
Having a beneficiary designation does bypass Probate, but only if the beneficiary is alive. Consider creating a standalone retirement plan trust to be the beneficiary of your IRA, because then you can have the same kind of "remote" beneficiaries that your living trust has. A standalone retirement plan trust can also provide asset protection for the value of the IRA when it is passed on to your intended beneficiaries.
You can watch my informative seminar on this subject on Youtube at https://www.youtube.com/watch?v=MTSlR3TlfS4See question
I read through my parents' living trust and it says that "the only way to protect a beneficiary entitled to government support is by creating a special needs trust, excluding that person as a beneficiary of your living trust, and making that indiv...
The much better approach if you have a person who has special needs is to create a standalone Special Needs Trust for them ahead of time. Then any assets that are intended to benefit that person can be directed to the Special Needs Trust from the living trust.See question
We had to have a conservatorship declared for my mother due to her declining health. She passed on March 5, 2016. The trust names the county as executor. I was advised by the county executor that as next of kin I have priority standing to be ap...
You mention a trust, which would suggest that your mother's property was not owned in her individual name, but instead in the name of her trust.
If that is the case, filing a Probate proceeding to be appointed as Personal Representative for your mother is not right way to go forward. Instead, a petition to the Probate Court to be appointed as the successor trustee of your mother's trust would likely be a better option.
I suggest that you have all of your mother's paperwork reviewed by local estate planning counsel to determine what the best approach would be to take over and sell your mother's home, especially if you do not want to waste any time or money.See question
I had some estate documents notarized (Trust, acceptance of asset assignment, trust grant deed, and health care directive). The new CA requirement - boxed wording "A notary public... ... accuracy, or validity of that document" was left out of the...
The notary is correct. Often legal documents have a form of notary acknowledgement that is no longer valid. Attaching a correct notarization form is appropriate. As an alternative, the documents can be redrawn with the appropriate notary language, and then re-signed and notarized again.See question