Q: We live in AZ & are beneficiaries of an irrev. trust. I need to access and protect the equity from an FTB lien. How?
My wife and I are beneficiaries of an irrevocable trust. The trust was funded using only real estate. The trustee passed away 3 years ago.
We live in AZ. We have chosen to not transfer title from the trust to our names due to the FTB (CA) having filed a lien. The lien states that any property I own in the county of Sacramento, they will place a lien on. I am in the process finding a pro to assist in the refile, which will either eliminate the tax (and lien) or reduce it to something more manageable.
Due to a disability (military, for which I am waiting on a decision for a rating), I have been unable to work for quite a while and we were placed in uncollectable status by the FTB. That same disability has created major problems, financially and it may be necessary soon to transfer the title into our names and access some of the equity from the house. If needed, how would we transfer title from the irrevocable trust and still be able to access and protect the equity in the property?
A: Appoint a successor trustee and let them handle the transactions for you.
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