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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Nuttin to it .... Posted by Ward-CA- on April 06, 2003 at 6:21 PM In Reply to: Property Tax increase avoidance posted by Jim on April 06, 2003 at 4:31 PM : I am the co-successor trustee (with my sister) of our deceased mothers's trust. The only thing of any value remaining in the trust is a house in Berkeley, CA. My mother lived in the property for over 60 years so the property taxes are very low. Is there any way I can sell my half of the property to my sister's son and not trigger any property tax increase? Thanks! =•=•=•=•=•=•=•=•=•=•= Jim, All you have to do is fill out and sign an Assignment of Beneficial Interest in Trust (ABIT) and give it to your sister’s son. Nothing needs to be recorded in the Recorder’s office unless your nephew is also going to become a co-trustee of the trust. On the ABIT you will transfer to him 100.00% of your beneficial interest in the trust and sign as trust beneficiary. The form requires three signatures, but only yours has to be notarized (to guard against forgery). The other two will be the assignee (your nephew) and the other co-trustee (your sister). The original of the completed Assignment should be held by your nephew and a copy of it by your sister. If your nephew is to act as a co-trustee also then you will need to record a deed to do that properly. Make the return address on the deed that of your nephew’s. The grantors will be you and your sister as co-trustees of the trust and the grantee will be your nephew as the co-successor trustee of the trust. There won’t be any transfer tax due since there’s no sale of the real property. So the spot for transfer tax should read “-0- transfer to a successor trustee”. You will have to take the notarized deed and a Preliminary Change of Ownership Report (PCOR) form to your county recorder’s office. The PCOR is readily available at the recorder’s office. Just fill out the top part of the form and PART 1: TRANSFER INFORMATION and that’s all. Immediately under the words Transfer Information there is space to write, YES—TRANSFER TO A SUCCESSOR TRUSTEE? Then check off NO for all lines A thru L. Then put a giant X through PART II and PART III and PART IV and sign and date the form. Once you have both the deed and the PCOR completed take both to the recorder’s window and have the deed recorded. Get a certified copy of the recorded deed so your nephew has proof you recorded it. That’s all there is to this little chore. Call if you have any questions. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I am the co-successor trustee (with my sister) of our deceased mothers's trust. The only thing of any value remaining in the trust is a house in Berkeley, CA. My mother lived in the property for over 60 years so the property taxes are very low. Is there any way I can sell my half of the property to my sister's son and not trigger any property tax increase? Thanks! : =•=•=•=•=•=•=•=•=•=•= : Jim, : All you have to do is fill out and sign an Assignment of Beneficial Interest in Trust (ABIT) and give it to your sister’s son. Nothing needs to be recorded in the Recorder’s office unless your nephew is also going to become a co-trustee of the trust. : On the ABIT you will transfer to him 100.00% of your beneficial interest in the trust and sign as trust beneficiary. : The form requires three signatures, but only yours has to be notarized (to guard against forgery). The other two will be the assignee (your nephew) and the other co-trustee (your sister). : The original of the completed Assignment should be held by your nephew and a copy of it by your sister. : If your nephew is to act as a co-trustee also then you will need to record a deed to do that properly. Make the return address on the deed that of your nephew’s. The grantors will be you and your sister as co-trustees of the trust and the grantee will be your nephew as the co-successor trustee of the trust. : There won’t be any transfer tax due since there’s no sale of the real property. So the spot for transfer tax should read “-0- transfer to a successor trustee”. : You will have to take the notarized deed and a Preliminary Change of Ownership Report (PCOR) form to your county recorder’s office. : The PCOR is readily available at the recorder’s office. Just fill out the top part of the form and PART 1: TRANSFER INFORMATION and that’s all. Immediately under the words Transfer Information there is space to write, YES—TRANSFER TO A SUCCESSOR TRUSTEE? Then check off NO for all lines A thru L. : Then put a giant X through PART II and PART III and PART IV and sign and date the form. : Once you have both the deed and the PCOR completed take both to the recorder’s window and have the deed recorded. Get a certified copy of the recorded deed so your nephew has proof you recorded it. : That’s all there is to this little chore. Call if you have any questions. : : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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