Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago,

User Stats

122
Posts
18
Votes
Daniel Miller
  • Fremont, CA
18
Votes |
122
Posts

Questions about trust conversion (on death of trustor)

Daniel Miller
  • Fremont, CA
Posted

I am beneficiary on my father's living trust.  We are in California.

He just passed away today, so I'm beginning the process of transferring assets from his trust to my accounts (which is what the trust says I should do, since I am also successor trustee on that trust), once I get death certificates in hand. 

However, I'm unclear on exactly what I should with his house?
> do I just fill out some change-of-ownership form with the county?
> Are there any federal or IRS documents that I need to fill out for this process?
> I believe that when the property changes hands, that the 'cost basis' changes to its current market value;
do I understand this correctly?  Do I need to get the house re-appraised for this purpose?  Do I need to communicate anything to the county about this?
> I've been renting out his house for a number of years, to help pay his assisted-living costs;
y'all have helped me with that on a couple of occasions!  At tax time, I've been applying depreciation to the house; how does this affect my actions or calculations now?


And if there is somewhere else that is more appropriate for these questions, feel free to point me!
Thank you again for all your help over the years.


Dan Miller

Fremont, CA

Loading replies...