HOW TO TRANSFER TITLE OF A HOME TO A REVOCABLE LIVING TRUST (2020) BY ATTORNEY MICHAEL J. YOUNG
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- Опубліковано 24 лип 2024
- HOW TO TRANSFER TITLE OF THE HOME OF A MARRIED COUPLE
TO THEIR REVOCABLE LIVING TRUST AND RELATED ISSUES
UA-cam VIDEO (2020)
By Michael J. Young, Attorney at Law, Estate Planning Attorney, Probate Attorney in Walnut Creek, CA.
WALNUT CREEK ELDER LAW. We are going to talk about how a married couple should transfer title to their home to their revocable living trust, and related issues. I will do a separate video for a single person. Estate Planning.
The revocable living trust is the center piece of most modern estate plans in California. Revocable living trusts avoid probate, and allow the family members and loved ones to control the trust assets both before and after the makers of the trust (settlors) pass away.
Our example of Mary Doe and Bob Doe, husband and wife, have three children, Lisa, Frank and Jack. Lisa is the named successor trustee after Mary and Bob.
Mary and Bob, the makers of the trust, also known as the “settlors” first create the Mary Doe and Bob Doe Revocable Trust.
We then create a deed to transfer title of their home to the revocable living trust. There are Recitals on the deed confirming that the transfer is without consideration and excludable from reassessment. We also have a recital to avoid another recorder’s fee because we are transferring the property to the residential dwelling of the transferor.
We confirm the title as community property, and create two deeds if the title was held as joint tenants. The first deed is from Bob and Mary as joint tenants to Bob and Mary as community property. The second deed is from Bob and Mary as community property to Bob and Mary as Trustees under their revocable living trust.
The Preliminary Change of Ownership Report is sent with the deed to the county Recorder and Assessor. We ask the recorder to return a conformed copy to our office, and the original deed is sent to the clients from the recorder some weeks later. The information in the deed and the preliminary change of ownership report are shared by the county recorder and assessor.
A Declaration of Intent To Remain Home is prepared for both Bob and Mary for Medi-Cal Asset Protection purposes.
Medi-Cal asset protection provisions are included in the revocable living trust and financial durable powers of attorney.
Please do not take this information as legal advice.
Michael J. Young
Attorney at Law
www.WalnutCreekElderLaw.com
tinyurl.com/y6lrgyfq
925-256-0298
Excellent. Very informative. Gives me a sense of confidence going forward. I will watch this several times.
Thanks for the info Doc 🙋🏻♂️
Very good information. thank you
Thank you for sharing the details of how to do this. My mom's lawyer didn't tell us ANY of this, and I asked! I just didn't know what exactly to ask. So upset that we haven't got this together because of his lack of foresight. Can you refer us to a knowledgeable Elder Law Attorney in Santa Rosa? Do you have associates here?
Very informative. Thank you
Thanks for video.
one of the best videos I have seen. would you do something fairly similar for an irrevocable trust (of course different trustees)
Thank you from Florida !
Great video!
Video was very helpful particularly with filling out the preliminary change of ownership report. With Proposition 19 enacted in 2021 does the scenario where you transfer ownership to the three beneficiaries from the Irrevocable Trust still work for keeping the property tax basis since the transaction is from irrevocable trust to beneficiaries and not directly from parents to children?
Is it true I need only 2 documents: a living trust and a trust transfer deed to complete the process of making the Living Trust. Thanks
In your exanple you state Mary and Bob are nominated as trustees of the trust. Then you say that after Bob dies, the trust notice says that Mary retains beneficial use of the property. Does this not make her the Beneficiary? She cannot be both trustee and beneficiary as this would merge titles and collapse the trust. Am I missing something?
Hi, Michael
Thank you for the wonderful presentation. If you want to delete a beneficiary from the deed, do you have to revise the deed and register again the revised deed?
If you have some rental properties in one member Sole proprietorship LLC then do you just need to create assignment on that llc and say i am transferring 100% this llc interest into the living trust name the trust name, trustee and date and you are done? if you do this is you don’t have to take each property out of existing LLC and prepare a separate deed for each properties and record those properties individually under the trust name? or you have absolutely take all properties out of llc and re-record them under the trust ?
Was not clear on the "Preliminary Change of Ownership Report" do we leave sections 2, 3 & 4 blank if just moving home into a revocable trust?
What do you do with the title policy on my house when doing a revocable living trust?
Thanks for the clear video showing the documents involved. Please advise the scenario as such that: if the couple bought the house (say 20 years ago) @$500K under joint tenancy, that the husband died last year when the market value was $1Mn. The wife inherited the 50% of the property and plans to sell it this year @$1.2Mn. Q1: is she subject to her 50% portion of capital gain from $250K (half of $500K of 20 years ago) to $600K (half of the original property), for $350K? Q2: is the other half of inherit property from husband tax free (half of $1Mn is $500K increase from last year to half of $1.2Mn is $600K this year only a $100K gain is free)? 🤔
how can i remove a name on d deed when d person is not paying d morgage ?.
How can I remove someone name in property deed n he or she didn’t pay nothing ?
Hello Mr Michael Young,
I am married and owns a home with the title grant deed under my name only. However, we have created a revocable living trust 2004. We want to transfer the property into the trust. What is the process? Or do I first need to change the deed into community property with survivorship, then do another transfer into the trust?
Michael, we live in San Francisco and want to amend our Living Trust, can we retain you for such service?
if you boyfriend an girlfriend can you transger your half interest into a living trust?
Thank for the information very helpful. My friend has her name in a living trust . When she refinanced in the year 2008 her brother slip of paper well she was signing the forms giving him the right to put his name on the deed is this possible for him to do even though the house is in the living trust what happen was her brother had his friend that sells real estate and through him they refinance the house when they refinance the house was only going toBe in her name her brother owes taxes so this is a reason he wanted to put his name on the deed so he can report it to the IRS and the IRS can pick the house pay for his taxes and she becomes homeless can this be done can he actually putting a quick deed way there is a living trust thank you for your help.
Punctuation would be helpful to get your point across!
My mother-in- law has a living trust the house deed is going to be transfer to her two daughters Will they have to pay more on the property taxes or will it stay the same
Transfer power of the trust and you won’t have to pay taxes.