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3 Answers | Asked in Estate Planning for California on
Q: As a heir, do I have to pay capital gains on money I recvd from property sold from a Testamentary Trust in California?

My mom has 6 rental homes. She just died. It appears to be a 50/50 split, with her trust and my father's who died in 1971. Trusts list me and my 3 brothers as beneficiaries. The properties are to be sold. I have heard the capital gains tax will be 33% or more.

Thank you

Jonathan Purcell
Jonathan Purcell answered on Oct 25, 2019

Capital Gains are the difference between the basis of property and the sale price of property (less selling costs).

Basis of property during life is the original purchase price of property (with adjustments).

Post-mortem basis is adjusted to the Date of Death Fair Market Value,...
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2 Answers | Asked in Estate Planning, Elder Law and Probate for California on
Q: My sister is my mothers conservator and the successor trustee she refuses to provide any type of accounting.

She is selling a house that is willed to me. i know she is steeling assets i have not had an accounting of the trust since she took it over can i do anything i can only afford a few thousand dollars.

I would also like more info so i can do my own will at one time the estate was worth more... Read more »

Jonathan Purcell
Jonathan Purcell answered on Aug 27, 2019

In California, Conservator is required to provide an accounting to the court one year after a Conservator is appointed, and every two years thereafter.

A Conservator may use 'substituted judgement' to change testamentary documents such as wills and trusts, but past donative...
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1 Answer | Asked in Real Estate Law for California on
Q: Uncle and i bought house as joint tenants he was married title sole and separate property. He passed away

Wife now wants half the property and to be added to title. I paid the last 20 years of Home including bills & maintenance (home now paid off) can she still claim half no will

Jonathan Purcell
Jonathan Purcell answered on Jul 16, 2019

The surviving joint tenant(s) file(s) an "Affidavit of Death - Joint Tenant", along with a death certificate, and a "Preliminary Change of Ownership Report" (PCOR), as well as paying a filing fee. Decedent's share is distributed the remaining joint tenant(s) on the deed.

3 Answers | Asked in Estate Planning for California on
Q: I live in California. I am disabled. If Both parents pass without a will., Will I inherit their homes automatically?
Jonathan Purcell
Jonathan Purcell answered on Jun 12, 2019

In general, property that passes by way of a will, a trust, or through intestacy (no will) does not pass automatically.

But certain types of property such as a payable on death bank or brokerage accounts, may pass to the beneficiary automatically.

If you receive public benefits...
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1 Answer | Asked in Real Estate Law and Tax Law for California on
Q: How are my capital gaines determined on a property I purchased in 1989 in CA?

How are capital gaines determined when property i owned jointly and you are the last surviving owner

Jonathan Purcell
Jonathan Purcell answered on Apr 24, 2019

1. In general, basis is the purchase price of property plus capital improvements, less accumulated depreciation.

2. On death, basis is revalued at the date of death fair market value (DOD FMV), usually by appraisal.

see, 26 U.S. Code § 1014

3. If the spouses each held...
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