Alicia stared at the statement that had been arrived in the mail. “This can’t be right,” she mumbled. “There is no way Dad’s Medicare premiums have doubled. And why has his monthly Social Security check been reduced?” She picked up her coffee mug and sipped. “I need to call someone.” She scanned the notice for a phone number and…
Many people set up estate plans because they are concerned with having to pay estate or “death” taxes. Currently, if someone dies in 2020, their estate is taxed by the Federal government for every dollar their estate is over $11,580,000. California does not currently impose any estate taxes. But what happens if you own property in another state? What if…
Lisa stared at the stranger standing on her doorstep, suspicious. “Good morning, ma’am,” the man said politely. “I noticed you’re in need of a new roof. If that’s not in your budget, I’d like to tell you about an important government program that will loan you the money. And they don’t even run a credit check. If you have some…
After you retire, you may no longer wish to reside in California, instead opting for what may be considered a more “senior-friendly” environment. Where you move could have a significant impact on your estate plan. Therefore, it is important to consider the tax consequences of moving to a new state. If you choose to relocate to a western state—Arizona, Nevada,…
This C.A.R. sponsored law creates a simple process for seniors or disabled homeowners to find information on how to apply for a parcel tax exemption. Existing law allows for the imposition of parcel taxes, which are special taxes assessed on individual pieces of property, to fund, among other things, education. Under current law, school districts may exempt seniors (65 years…
Recent changes in how real estate and real estate transfers are taxed in some California communities could have a significant impact on your estate plan. A hefty surcharge for possession of certain types of vacant properties, as well as an increased tax on real estate transactions, may require changes to the timing and method for gifting or otherwise transferring property…
If you are over the age of 55 and thinking about moving, consider this: you may be able to take your low property taxes with you to your new home. Thanks to Proposition 13, which was passed by California voters in 1978, real estate in California is no longer reassessed at its fair market value for property tax purposes every…
There are a number of situations where a borrower doesn’t qualify for a traditional loan and that’s often true in solving the challenges of real estate lending for irrevocable trusts and probate estates. Conventional lenders are reluctant to lend money to these entities, refusing loan approval until the entity has been dissolved and title converted to an individual interest. Heirs…
