For this four-part series, we are discussing very common scenarios that we see in our trust administrations where real estate is involved. Real estate, particularly the family home, often has emotional and sentimental components that throw a wrench in trust administrations. Beneficiaries often have different ideas of what to do with the family home. We will continue using the same…
Real property is often the most complicated trust asset for trustees to manage. Trustees often want to do their best while also pleasing the beneficiaries, who are often their siblings or family members, and still follow the terms of the trust. This four-part series will discuss common scenarios in our trust administrations involving real estate. To begin this discussion, some…
In Part I of this series on taxes, we discussed federal taxes, and in Part II, we discussed state taxes. For Part III, we will discuss local taxes in California and generally. In California, local taxes are typically handled through the county tax assessor/collector. We will specifically discuss property taxes and taxes on the transfers of property. Local Taxes: Property…
Big Three from Episode #067: If you’re including any type of real estate in your estate plan, it’s vital to discuss with your attorney and understand how Prop 19 can impact you and your loved ones. Make sure your children are included in the discussion and planning process. Do not panic. There are workarounds and ways to protect your assets…
You may or may not already have your estate planned for when you die, but did you know that you can also make gifting your assets while you are alive a part of your estate plan? Most people are aware that you, as an individual, can gift up to $15,000 per year to any other individual without having to report…
Big Three from Episode #055: Prop 19 is a time-sensitive issue that may impact real estate inherited by your children after February 16th. The only way to maintain a low property tax payment under Prop 19 is if a child keeps an inherited primary residence as their own primary residence. Own a vacation home? Be prepared for higher property taxes.…