Q: I bought my girlfriend's 50% of our co-owned house in cash. I want to convert the Deed from our names to my Trust's name
I have a revocable trust, i have a home co-owned with an ex girlfriend that I've paid off myself. I want to remove her name from the title without triggering a reassessment by placing it into my Trust. She is not a trustee on my trust, & the house is not in my trust. Can I file a PCOR form & use the trust exemption? it says for the benefit of the trustor or spouse, It would be for the benefit of me the Trustor. If she forfeits her interest in the house this way & disqualifies me from reassessment exemption, can I add her to the trust as a trustee, then file the PCOR form? {Will, or do, county recorders require a copy of the Trust along with the PCOR form to ensure she isn't giving up her interest in the property, by going into a trust under only my name?} If so, can we solve this creatively by naming her as my trustee on the house, then file the PCOR form putting the house into my trust to avoid reassessment. Then, could we privately remove her as a trustee? She wants it this way also
A: No. Once you have bought out your ex-girlfriend’s 50% interest in the house, you will be reassessed for the 50% interest which you purchased. If you try to do as you suggest, you will be caught when the assessor asks to see a copy of your trust and sees that your ex has no beneficial interest in your trust. If you try it and get caught, good luck in getting it fixed after the assessor increases your tax assessment. My suggestion: don’t do it.
Nina Whitehurst agrees with this answer
A: Mr. Berge is correct. I would add that the attorney who prepared your trust should be helping you with this as well. If you did not have an attorney prepare your trust you should have it reviewed by an attorney before it is too late to make repairs.
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