My mother in law has a living trust. Her condo is also in the trust. My wife is the co-trustee of the trust. My mother in law would like to quit claim this property to my wife and I and take her name off the deed. My question is does my mother in law need to take it out of the trust first? Or can she just do a quit claim deed while it's still in the trust?
Viktoriya S. ∙ June 27, 2019
This type of transfer will bring significant tax consequences if you decided to sell the property in the future. You will not get the stepped up basis that is available to your wife if she inherited the property. In addition, the gift taxes might apply. Consultation with a tax professional required before you proceed with this transfer.
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