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