In the November 3rd election, California voters approved "Proposition 19". This new law may dramatically reduce your children's ability to retain your below market property tax assessment when they inherit your primary residence (as well as other properties though it works a bit differently).
Instead, if you pass away after February 15, 2021, or gift your home to your children after that date, your children may have the property taxes go way up, reflecting the full fair market value of the property, unless one or more of your children will actually reside in your home as their principal residence.
Therefore, if you plan to keep your home rather than sell it, and wish to have one or more of your children inherit it, but none will likely live in it as their primary residence, you may want to transfer your home to your children (or better yet, to a trust for them), right away, so they may continue to take advantage of your low property tax assessment.
This type of property transfer has many considerations, which you will need to weigh. Plus, it entails a great deal of detailed work that must be handled properly and quickly -- including deed preparation, establishment of a gift trust, completion of a property tax reassessment exemption form, the signing & notarizing of these documents, and filing and recording of the deed and exemption form before February 15, 2021.
Due to the urgency and complexity of such a transfer of your home, our firm has aside time for meetings to assist you. We are offering a complimentary initial one-hour consultation and should you wish to move forward with the transfer, we will quote you a flat fee. The fee is minimal compared to the many tens or hundreds of thousands of dollars this may save your children in property taxes!
To schedule an appointment, please call 818-292-8160 so that we can be sure to get you scheduled as soon as possible. Or send us a message in the "Contact Us" box below. We do have limited capacity, so if you are serious about saving property taxes for your children, you should call us RIGHT NOW.