Many Californians own real estate in other states, whether it’s because they used to live elsewhere, they own vacation homes, rental investments, or received it as an inheritance. These properties provide a lot of benefit during life, but what problems might be faced upon death or incapacity related to an accident, illness, or dementia? Which raises the question: Can Real Estate in Another State Be Put in My California Trust?
It’s really important to understand the implications because the result will have a significant impact on family and loved ones left behind. If not handled properly, these properties can easily be left out of your intended estate plan. Family could find themselves in probate court in another state battling a host of legal and tax issues, never mind possibly fighting among themselves.
These concerns are exactly why many Californians have prepared their estate plans have established at least a revocable living trust. If you are among these in Californians with a revocable living trust and you own out-of-state real estate, then it is essential you incorporate those properties into your estate plan.
Does that mean you need to create new trusts in another state? Or can you simply put the property in your current California trust? What happens if you don’t do that? Lastly, what if any tax implications might there be?
Watch this short video to learn more.
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Kevin Snyder is a husband, father, and an Orange County estate planning attorney and elder law attorney at Snyder Law, PC in Irvine, California. He’s all about family and passionate about estate planning, elder law, and veterans. He founded Snyder Law to help families from Orange County, Los Angeles County, and Southern California plan to protect what matters most: their loved ones, their dignity, and their legacy.