transfer title from my trust to my mom's trust

04-03-2009, 03:37 PM

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transfer title from my trust to my mom's trust

What is the name of your state (only U.S. law)?
CA
i am facing foreclosure in the near future, so i am seriously considering transferring title to my condo from my revocable trust to my mom's revocable trust, and paying her rent if and when i can afford it, to give her a tax advantage over simply giving me the money for my mortgage.

i am checking today w/the lender to see if my silent 2nd of $14,000 would be due and payable under that circumstance. if it is, i need to find another solution.

can you give me the pros and cons of this arrangement (if it can be a clean transfer)? i really appreciate your help.

kathy

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