You are right. I hired 3 different ones, cost was only several thousands of dollars. The prices really varied too from each professional. One guy was funny at the end he said he wanted to do more research. I was pretty happy he was helping me out so much. They all 3 had different opinions which...
That sounds correct.
Yes, house sold after title put in the beneficiaries names. About 9 months ago title was put in beneficiaries names.
I have talked to some and had conflicting views that why I am asking here.
It was written in the revocable living trust there was a Lifetime right of occupancy for her.
The 3 beneficiaries of the revocable living trust. 2 children and 1 grandchild.
State: CA
The date for when the basis starts for determining the stepped up basis. Its either the date of...
Hello,
In a lifetime right of occupancy does the step up in basis start at the date of death or when the lifetime occupant moves out ?
Ex: Grandfather passes away 2 years ago. He lets his wife(not grandmother) live in the house with a lifetime right of occupancy. She moves out 9 months ago and...
That is what I was thinking too.
However it was mentioned that the trust dictates how title can be held. The wording is as I described. I assume it can or should be done this way ( Tenants in Common) per the trust.
I also wondered if title can be held differently among the 3 people.
One of...
Actually what that meant was that if any beneficiary died before the trustee (grandfather), then the remaining beneficiaries would get equal shares.
The beneficiaries want their own families to inherit.
Thank you for that. However, you may have missed my question. This was not what I was asking.
What do you think it says in there ?
4.2 Gifts of Interest in Real Property. The real property located at XXXX Street, CA, shall be given in equal shares and free of trust to the beneficiaries...
Thanks for the responses!
I was asking about title though ?
I appreciate attorneys, I really do. However I want to learn for myself so I can be prepared to speak with an attorney.
Scenario:
3 people inherited real property in equal shares in a trust. The trust calls for distribution in equal shares to the 3 beneficiaries.
Question:
Do all the beneficiaries have to take title in the same manner ?
Note:
Looks like between tenancy in common & joint tenancy. It would...
OK thanks.
Yes. Lifetime right of occupancy are the exact words. No lifetime estate mentioned.
Interesting. It says "property shall be distributed in equal shares free of trust when the lifetime occupant ceases to occupy the residence". Not sure what that means as conveying the deed. Do we...
Thanks. That is probably the case then. I will check.
In this case there are 3 beneficiaries. The spouse is not a beneficiary but has a life estate.
I am not sure what you mean by "limbo". But the intention was to provide a lifetime right to occupancy. The way I see it, that puts everything...