My mom and her three siblings had their name put on the title of their fathers house in California before he died. There was no trust or will. Now my mothers siblings want to be bought out and my mom wants to retain ownership of the house without triggering a tax assessment. Her real estate agent told her she should put the house in a family trust and then then buy siblings out so as not to trigger a tax assessment. He said to consult a real estate attorney which she plans on doing. Is it possible to buyout her siblings in a transaction structured to avoid or minimize reassessment of the property? They each want $150,000. Also would they have to pay taxes on that? Property was never stepped up from original purchase price of $28,000.
Thanks for your time!
Thanks for your time!