Removing a House from a trust.. Tax consequences?

[AdrianM]

What is the name of your state? California
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Our grandmother has an existing Trust which contains money and a house. This trust was created years ago. Now the family as a whole ( including the grandmother ) is interested in removing the house from the trust since its no longer needed. Can this be done legaly without any problems? (Such as triggering a Re-Assessment, Prop13, taxes, etc).

Right now the grandmother is sole owner, and the house is excluded from prop.13 (i.e.: low taxes).

Thank you,
- Adrian

 

[abezon]

If grandma is the sole owner, the house is not in the trust. Contact your county assessor's office to find out if any reassessments get triggered if you remove the house from the trust. You might want to consult the attorney who drew up the trust as to whether it's a good idea to remove the house.