There isn't a limit in how maby times a property can be transferred and still qualify for either the parent-child or grandparent-grandchild exclusion. So when your mom's trust distributes the property it should still qualify for a parent-child exclusion from reassessment for Prop 13 purposes.
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I believe you will be fine under Prop 13 guidelines. There are no limits on the number of times it can be transferred. However, to be on the safe side, you may want to consult a California attorney who practices Real Estate Law.
I do not see an issue, based on your facts, under Proposition 13. If you having additional or continuing concerns, consider consulting with a local real estate attorney.
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