My question involves estate proceedings in the state of: California
My mother's property is held in a living trust and paid in full. My father died Oct 2008, making her the sole owner.
To make give ownership of her property to me in the easiest way possible, she plans to:
1) Revoke the trust the property is currently held under
2) Quit Claim 1/2 ownership of the property to me (current value $210K)
Her assumptions are:
1) Upon her death I automatically become sole owner
2) I will also be primary resident, so I will not have to pay taxes
Are there any errors in this plan?