Posted on: 06th Sep, 2011 03:27 pm
My mother has decided that she would like to remove the family home from the living trust and give it to me(her daughter and only heir). What steps does she need to do? What are the tax implication for her and me?
I believe that an heir would be exempt from the taxes, but your best to ask your county tax assessor. You can call a title company in your area and they can help you complete the right deeds to transfer ownership out of the trust. Good Luck!
Hi nana,
As far as I know, your mother will have to contact a real estate attorney and take steps in order to remove your name from the living trust. Once the property is removed from the living trust, your mother can sign a quitclaim deed or a warranty deed in order to transfer the property to you. She can even contact a real estate attorney and take his help in drafting the deed.
Thanks
As far as I know, your mother will have to contact a real estate attorney and take steps in order to remove your name from the living trust. Once the property is removed from the living trust, your mother can sign a quitclaim deed or a warranty deed in order to transfer the property to you. She can even contact a real estate attorney and take his help in drafting the deed.
Thanks
