Inheritance and capital gains tax
My mother has suddenly changed her mind and decided to leave the house to the granddaughter. She bought her house in California for $8,900 in 1950. It has been paid off for 25 years. Value is now at $550,000 My question is can my neice just move in and keep the house without selling? Are there any taxes of any kind to be paid when my mother passes and how much? Right now the house is in a trust left to me. I worry about the what if's, if my mom gets sick and needs additional money, can I sell the house? Does she need to sign something first that says I can sell? My name is not on her house.