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Contra Costa California Form 5495: What You Should Know

How It Works —  How does Form 5495 work? Use Form 5495(L) to request the release of personal liability from all your spouse's personal property or business assets. In addition, you can transfer the entire amount to your spouse or transfer 10,000 in any taxable year to an irrevocable trust. Who Needs Form 5495? • If you have one spouse who is or was the legal representative of one spouse's property or is the legal representative of personal property of one spouse • If you received a grant through a state or non-profit public agency that will benefit all the people under a legal power of attorney (see below) • If your spouse died, • If you or your spouse were a beneficiary of a trust that was established by one or both of you after death How to Apply for Form 5495 • You need to file a Form 56 with the IRS at the same time as the petition for the transfer of property or amount of money you want to revoke or terminate as provided by Sec. 1201(k). • You may also make a Form 5495-S, Application for a Release of Personal Liability by Executor, if the deceased had a valid executor designation on the property and the estate and its successor (or the trust) do a transfer through the process of a grant or grant amendment.

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