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Old 04-15-2013, 05:03 AM
 
Location: Los Angeles/Massachusetts
342 posts, read 485,330 times
Reputation: 231

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Hard to know how to title this article...
I will be selling elderly mother's home.....our home is in a living trust, I am the successor trustee...

I am wanting to sell property in SoCal....yes it is in my 84 yr old mother's name and relocate to New England (Massachusetts)////I formerly lived there many years and have family there......

We very much want to leave SoCal as we do not like many things here.....and circumstances have kept us here.

Question:
1. Want to pay cash for property......
2. Is it smarter to put property in my name (her daughter).....never mind this gift tax BS......
3. Or her name.....when she passes, state (new state) may try and hit me up for inheritance tax...

I am a divorced woman....who has had many tragedies and raised 2 wonderful kids on my own....not about to get screwed by GOV on BS taxes,,,,,,,
I am wanting to get all the advice (financial advisors and the like).....on the best way to proceed

As TO NOT...pay Capital Gains on home we are selling, any Bull **** gift tax or inheritance tax....

Please do not respond if you are one of those politically correct types who obey all the filthy laws meant to screw people over.........
I will do any shady deal possible to avoid taxes that are unfair to someone like myself.......

There are always loopholes...or best ways to proceed,,,
Also, any one with knowledge on quit claiming property....

Thank you kindly
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Old 04-15-2013, 07:02 AM
 
Location: Florida
15,920 posts, read 16,217,681 times
Reputation: 16153
Are you equating 'legal' but smart as 'shady'?
I have to admit, with the tone of your post, I am just really not much inclined to provide any suggestions.
I'd hate to be thought of as politically incorrect and shady....that would just be too much "Bull ****" for my poor ego to take in one morning.
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Old 04-15-2013, 07:41 AM
 
6,749 posts, read 4,395,815 times
Reputation: 6151
So mom is ok with having property outside of the trust? If in her name it will go to probate when she passes. If new house is in your name with her money it's a gift and gift taxes must be filed. Why should she have to pay capital gains on a primary home? You probably should see an estate planning attorney.
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Old 04-15-2013, 08:32 AM
 
4,218 posts, read 7,171,100 times
Reputation: 5848
If you're paying cash, don't put it in any person's name. Put it in a trust, preferably a foreign trust which you manage. If you ever get sued, you have no assets, no one can take it. Many people do this including Mitt Romney, Kerry, doctors, lawyers, and many other very rich, powerful and smart people. You will need help from a professional to do this if you can't figure it out on your own.
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Old 04-15-2013, 10:23 AM
 
11,852 posts, read 14,000,276 times
Reputation: 11085
Is your mother aware that you are selling her home before she dies? If you are the successor trustee, doesn't that mean that you are only the trustee once she dies? Who is the current trustee? What is the mental state of your mother? Where will she live if you are selling her home?
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Old 04-15-2013, 10:25 AM
 
11,852 posts, read 14,000,276 times
Reputation: 11085
Quote:
Originally Posted by 399083453 View Post
If you're paying cash, don't put it in any person's name. Put it in a trust, preferably a foreign trust which you manage. If you ever get sued, you have no assets, no one can take it. Many people do this including Mitt Romney, Kerry, doctors, lawyers, and many other very rich, powerful and smart people. You will need help from a professional to do this if you can't figure it out on your own.
In Florida and probably some other states, if you have a homestead exemption on the home, it's automatically protected from lawsuits. Nobody can sue you and take away the home in this case.
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Old 04-15-2013, 11:01 AM
 
4,218 posts, read 7,171,100 times
Reputation: 5848
Quote:
Originally Posted by sware2cod View Post
Nobody can sue you and take away the home in this case.
A divorce is a lawsuit, your ex can certainly hurt your chances of keeping your house.
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Old 04-15-2013, 11:01 AM
 
Location: Portland, Oregon
9,262 posts, read 14,589,970 times
Reputation: 5549
She should really see a lawyer expert in estate and elder law.

The aged mother is the grantor trustee. It doesn't matter that the OP is named as a trustee, in most cases she cannot dispose of this property without the aged mother's signature so long as she is alive unless there is documentation of incompetency. No one will write title insurance for the sale of the home.
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Old 04-15-2013, 01:19 PM
 
Location: Danbury CT covering all of Fairfield County
2,096 posts, read 5,429,480 times
Reputation: 897
Talk to an attorney and tax professional to see what they advise for your situation is.
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Old 04-15-2013, 05:53 PM
 
Location: Los Angeles/Massachusetts
342 posts, read 485,330 times
Reputation: 231
Quote:
Originally Posted by 399083453 View Post
If you're paying cash, don't put it in any person's name. Put it in a trust, preferably a foreign trust which you manage. If you ever get sued, you have no assets, no one can take it. Many people do this including Mitt Romney, Kerry, doctors, lawyers, and many other very rich, powerful and smart people. You will need help from a professional to do this if you can't figure it out on your own.

Thank you...that is good advice......if it's in trust,,,we are just transferring one trust to another...
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