What would happen if a beneficiary wants to own a property (a Los Angeles county rental which the beneficiary has resided at for 30 years) that is in a trust and is going to be hers anyway, but that beneficiary wants to buy that property for herself ($230K is in agreement but property is worth $550K - a fixer) and add that money for their mother's care in the current trust? What are the ramifications for the beneficiary property tax wise and other financial issues if any? And for the trustee who handles the trust besides paying capital gains on that sale and the withholding amount? Thank you !
There is a lot in this question and there is insufficient data to give you a real answer. The issues are whether the property is reassessed when purchased. If you are the current income beneficiary, then the answer is likely no. If you are not the current income beneficiary (it looks like it could be your mother) then the property would be reassessed at its fair market value - whatever the assessor says that is. Whether there is a capital gain depends on basis and whether the gain is exempt under IRC Section 121. **this is not legal advice** You need legal advice on this. Feel free to reach out to use if you aren’t already represented: www.cunninghamlegal.com/california-law-offices/contact/
@@CunninghamLegal Great answer can you answer why estate planners are not caveating the Estate Plan is broken like National Institute of Certified Estate Planners bravely did. So, we can move onto the NICER Inheritance Security System?
@@Opionionated-u7c Can you please provide more information on this? Jim Cunningham and other lawyers at our Firm are Certified by the State Bar of California’s Board of Specialization as a Specialist in Estate Planning, Trust, and Probate Law. However, we have been unable to find any information on the "NICER Inheritance Security System".
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What would happen if a beneficiary wants to own a property (a Los Angeles county rental which the beneficiary has resided at for 30 years) that is in a trust and is going to be hers anyway, but that beneficiary wants to buy that property for herself ($230K is in agreement but property is worth $550K - a fixer) and add that money for their mother's care in the current trust? What are the ramifications for the beneficiary property tax wise and other financial issues if any? And for the trustee who handles the trust besides paying capital gains on that sale and the withholding amount? Thank you !
There is a lot in this question and there is insufficient data to give you a real answer. The issues are whether the property is reassessed when purchased. If you are the current income beneficiary, then the answer is likely no. If you are not the current income beneficiary (it looks like it could be your mother) then the property would be reassessed at its fair market value - whatever the assessor says that is. Whether there is a capital gain depends on basis and whether the gain is exempt under IRC Section 121. **this is not legal advice** You need legal advice on this. Feel free to reach out to use if you aren’t already represented: www.cunninghamlegal.com/california-law-offices/contact/
@@CunninghamLegal Great answer can you answer why estate planners are not caveating the Estate Plan is broken like National Institute of Certified Estate Planners bravely did. So, we can move onto the NICER Inheritance Security System?
@@Opionionated-u7c Can you please provide more information on this? Jim Cunningham and other lawyers at our Firm are Certified by the State Bar of California’s Board of Specialization as a Specialist in Estate Planning, Trust, and Probate Law. However, we have been unable to find any information on the "NICER Inheritance Security System".
Great
Thanks for the comment!
Wait until he gets the NICER Financial Elder Defense Interdiction Trust, he'll be Tony Robbins the Tiger Great!