Philadelphia Business Daily

How can we transfer ownership of property from our parents to a joint trust controlled by my siblings?

We have a second home in California that's been in the family for multiple generations. It's currently owned by one of my parents, who is no longer interested acting as its steward. We'd like to transfer ownership of it to a trust that is jointly owned and controlled by me and my siblings and our cousins. What are the mechanics for doing this? How do these sortsof trusts work? Any good references of people who can help us set this up? Any tax implications we should be aware of? Thanks, in advance, for your answers!

Public Comments

1. Lawyer.
2. I know this can be done. My cousins did this in Louisiana with some family land. It's listed as "shared use for heir or potential heir of the "John Doe" family" and to never be sold or disposed of as long as their is a living heir. It's written as "special use property, with all heirs being equally responsible for maintenance and upkeep". They use it as a game preserve, campground, fishing pond, etc strictly for the family. They had an attorney draw it up for them. and the owners (my Aunt and Uncle) signed it. The aunt and uncle are still responsible for property taxes for now, and had to set up an escrow for this, which they pay monthly. When they die, whoever they designate as their heirs will be responsible for these taxes, and they plan to maintain a family escrow with proceeds from the rest of the estate for this purpose. I have no idea how this works in CA. You need to see a real estate attorney.
3. It is a HUGE mistake for multiple people to own a property together. That is too many indians with no chiefs. Siblings yes, but cousins? Lord no!