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.…
If Proposition 19 is passed, does that mean I have to make changes to my estate planning documents? Listen to this short interview with Dayna Wilson of Keller Williams Real Estate and Kirsten Howe of Absolute Trust Counsel to find out. [Ad] Calling all neighbors in the Walnut Creek area and beyond! At Absolute Trust Counsel, we understand how unique…
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 dialed.…
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…
Sally stared at the notice from the bank and frowned. “What’s that?” her husband, Bill asked. “Another bill for your dad?” Sally nodded. “But this time it’s his monthly mortgage payment. I wonder if we need to pay it. He’s only been dead five days. Maybe they aren’t aware of it.” Bill snorted. “Why pay the mortgage if he’s dead?…
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…