Personal Finance & Money Asked by PATTY on April 9, 2021
I am the trustee of an irrevocable trust, in this trust are two single resident homes with no mortgage. Recently, one home was taken out of this irrevocable trust to get a loan/mortgage. With this loan, bills are being along with property taxes on each home. 1 home is a primary residence the other a rental. Since doing this I received a supplemental secured property tax will reason; assessment is in compliance with Article 13A of The California Constitution it reflects the ownership occurring on 7/2020 supplemental bill due to transfer. Taking the home out of the irrevocable trust was the only way to get a loan/mortgage the home was put back into the I/Trust the same year. I don’t understand this ?
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