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Don't Fear The Assessor

A lot of people are afraid of funding their real property into a trust because they are scared that there will be some unforeseen tax consequences to doing so. However, in California, let your worries be at ease. Transferring real property into your trust will not result in a property tax reassessment.

Placing your real estate property into your own revocable living trust is an exception to the Prop. 13 reassessment law. There is no real change of ownership. The property simply becomes owned by the same person or persons under a different legal title. Just make sure that you complete the proper forms and other paperwork when transferring deeds and titles. If you miss informing the Assessor that you are transferring to or from a living trust, it could become quite a headache to fix.

Consult with a professional Living Trust Attorney when handling the funding of your trusts in make sure that all the correct paperwork is completed when it comes to dealing with governmental departments.

*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.

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