Since my dad and I own property, if we transfer it to our living trust will there be a tax reassessment on the property?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Since my dad and I own property, if we transfer it to our living trust will there be a tax reassessment on the property?

Asked on December 24, 2012 under Estate Planning, California

Answers:

Catherine Blackburn / Blackburn Law Firm

Answered 11 years ago | Contributor

I cannot answer this for California.  In Florida, there would be no tax reassessment upon transfer to a living trust and no transfer taxes would be due either.  In general, Florida taxes real estate transfers when there is a change in beneficial ownership.  There is no change in beneficial ownership when transferring property to the same persons' revocable living trust.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption