- Jurisdiction
- California
I live in Los Angeles city and county. MY mom had our house in a revocable trust, with her as the grantor and me as the sole beneficiary. SHE died 4 weeks ago today.
THE house was her only residence for 50+ years and my only residence, too. THE house has a very low tax basis, about $1000, and a value of about $900,000. She owned it outright.
I am sure that I must go to the Registrar/recorder first and then the Assessor. The issue is what documents I will need for both places; I plan to continue to living in the house and I wish to maintain the low tax basis; therefore, I must be pretty careful with the documents that I submit.
THE Reg/rec and Assessor told me via phone and email, 'DON'T ask us, as we cannot give advice, but go to our websites to read the little info that we have.' I did so and determined that
FOR THE REG/RECORDER, which probably is the first order of business to complete, I likely will need
1. death certif, but a copy or the ORIGINAL?
2. Affidavit of DEATH, perhaps notarized;
3. some form to transfer the title to the REG/rec;
4. A prop 19 exemption exclusion to keep the low property tax rate.
AM I right?
Do I have to prove that the house was my mom's primary residence, was MINE, too, and will be mine in the future? IF so, how?
For the ASSESSOR, I likely will need, according to the website,
1. change in ownership form, BOE 502D.
2. Claim for Reassessment exclusion for parent to child, BOE-58-AH.
3. Boe 266 HOMEOWNER'S exemption.
4. Death certificate--COPY or original?
Does the reg/rec or Assessor want THE FULL trust document?
DOES the reg/rec, Assessor, IRS, and/or CAL FTB want an appraisal of the house?
OH--Do I have to appear in court before a judge to have the trust revoked? I think not, as I am the only heir/beneficiary, and my mom had no debts. ONLY the house, by the way, was in the trust. Her bank acct and the stock that she held were in joint tenancy with me; even they HAVE procedures to remove her name, but they are simple and the bank/stock company already sent me the paperwork and I completed and returned it.
IF I am wrong with any of these steps, I suppose that I could lose the house by registering it incorrectly or I could incur a tremendously high yearly property tax rate, about 1% of $900,000. I have been truly devastated by the loss of my mom; I always figured that I could stay in the house forever, but I never realized that the paperwork had to be such a mystery. I am confident that I can complete all the forms, but I need to know which ones to use!
Thanks! I guess that 1 advantage of the trust is that I will get a stepped-up tax basis, IF I decide to sell.
THE house was her only residence for 50+ years and my only residence, too. THE house has a very low tax basis, about $1000, and a value of about $900,000. She owned it outright.
I am sure that I must go to the Registrar/recorder first and then the Assessor. The issue is what documents I will need for both places; I plan to continue to living in the house and I wish to maintain the low tax basis; therefore, I must be pretty careful with the documents that I submit.
THE Reg/rec and Assessor told me via phone and email, 'DON'T ask us, as we cannot give advice, but go to our websites to read the little info that we have.' I did so and determined that
FOR THE REG/RECORDER, which probably is the first order of business to complete, I likely will need
1. death certif, but a copy or the ORIGINAL?
2. Affidavit of DEATH, perhaps notarized;
3. some form to transfer the title to the REG/rec;
4. A prop 19 exemption exclusion to keep the low property tax rate.
AM I right?
Do I have to prove that the house was my mom's primary residence, was MINE, too, and will be mine in the future? IF so, how?
For the ASSESSOR, I likely will need, according to the website,
1. change in ownership form, BOE 502D.
2. Claim for Reassessment exclusion for parent to child, BOE-58-AH.
3. Boe 266 HOMEOWNER'S exemption.
4. Death certificate--COPY or original?
Does the reg/rec or Assessor want THE FULL trust document?
DOES the reg/rec, Assessor, IRS, and/or CAL FTB want an appraisal of the house?
OH--Do I have to appear in court before a judge to have the trust revoked? I think not, as I am the only heir/beneficiary, and my mom had no debts. ONLY the house, by the way, was in the trust. Her bank acct and the stock that she held were in joint tenancy with me; even they HAVE procedures to remove her name, but they are simple and the bank/stock company already sent me the paperwork and I completed and returned it.
IF I am wrong with any of these steps, I suppose that I could lose the house by registering it incorrectly or I could incur a tremendously high yearly property tax rate, about 1% of $900,000. I have been truly devastated by the loss of my mom; I always figured that I could stay in the house forever, but I never realized that the paperwork had to be such a mystery. I am confident that I can complete all the forms, but I need to know which ones to use!
Thanks! I guess that 1 advantage of the trust is that I will get a stepped-up tax basis, IF I decide to sell.
