Hold deceased parents home in trust to keep tax basis?

[Desmond Locke]

Both parents are dead now and the house is held in a living trust that I am co-trustee of with one other sibling. I need to pay out 4 other sibling's interest in the home and am going to move into the house. I'd like to just refi the house (it's paid off) to buy out the other siblings and thereby also keep the tax base as it is. The current tax base is $250k and the homes fmv is about $700k so the reassessment of buying it will add about $5k in property taxes annually.

There will be no personal issues from other siblings, everyone is on board with whatever I need to do to move into the home and buy them out.

Only negative I see now is that I don't know how I'd claim the mortgage tax deduction since it wouldn't be in my name. Can my co-trustee and I each claim half of the mortgage tax deduction?

Any other pros and cons I'm not considering?