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Seeking advice on home purchase currently in a trust utilizing both mortage loan and gift of equity?

I am looking at purchasing a home for approx $600k from my mother and my uncle. The property is currently in an irrevocable trust with mother being both the executor and beneficiary and my uncle as a second beneficiary. I believe I qualify for $350k loan, $300k will go to my Uncle for his half of the interest in the property and $300k will be gift of equity to me from my mother. Remaining $50k of loan will be used for home renovation. What are the tax implications for this sale/gift of equity for either beneficiary or me? On an added note, the property is currently covered under prop 13, but my understanding is when the home comes out of trust and the title changed over to me, the house will be reassessed and I will lose the Prop 13 tax benefit. Is that accurate and is their away around that point to keep the Prop 13 benefit? Last but not least, if anyone has a recommendation for a real estate tax attorney in the Fremont Ca area, please send their info my way. Thanks

  • June 17 2013 - Parkmont
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