As always make sure to understand what your investing in, tax consequences and terms of the offering

>> Will there be any tax implication?

This is a tough one, would definitely recommend to consult an attorney.

Roth IRA distributions will be tax free. 

We have filed jointly and separately, depending on which way our taxes are the lowest.

You may also consult with local real estate agents to help determine your property value without doing an appraisal.  

If you're concerned about the tax implications, definitely talk to an accountant well versed in real estate to go over your options.

Title insurance should also reveal if the trustee has this ability.To clarify, if a trust names someone who is deceased as a beneficiary, the trust would then name someone else, or would name their estate (the reasons behind forming trusts in the first place would seem to indicate that it would be another person, since their are tax benefits and probate avoidance).  

You would need to reach out/consult the city.

Consulting professionals for advice on feasibility and cost-effectiveness can provide valuable insights.