It's easier than it sounds. We are retired, bought our retirement house. Sold our previous hse to daughter and fam. No sweat, no property tax change for daughter's hse.
There are a couple of discrepancies. 1. Property tax under Prop 13 can't be raised more than 2% per year, not 1%. 2. Yes, people 55 and older can transfer their lower property tax to a new home within California and it will stay at the same rate if they purchase a home of equal or lesser. However, if they sell their home for $500,000 and purchase a new home for $600,000 they will be assessed for an addition $100,000 onto their low transferred tax base.
My mortgage free house is in my trust. No children. If I leave it to a friend, what about the property taxes? Is there any way to AVOID my home being fully re-assessed ? The taxes would be too much for my friend to handle.
As next deputy share if I can tell you don't put things into your kid's names because they will move you out in the middle of the night. We got so many calls on kids money to get rid of their parents and the house was in the kids name and we couldn't do anything about it.
Do you have to be living with the parent at the time of death to avoid reassessment, or do you just need to make the home your primary residence after the death of the parent?
No, I don’t believe you need to be living with your parent when they die to get the $1 mm exclusion from reassessment; however, you do need to move into their home within 1 year of their death and file a homeowners exemption form.
@@ellencookman-EstatePlanningSNT Great question and answer, can you answer this one, why are not all the estate planners following NICEP and NICER and bravely caveating the Estate Plan Trust failed, so we can make a wise and informed decision to spend a cheap nickel on the NICER Prebate to spare our loved ones the Probate Dime or Litigation Quarter?
It's great that the kids will have to sell the home rather than turn it into another rental. More homeownership=better neighborhoods, a bigger middle class building wealth through equity. We don't need more landlords and renters. We need more home owners!
A bigger question is can I hire Ellen Cookman to give my inheritance to my kids using the easy to forge estate plan Trust without a greedy trustee grantee beneficiary stealing it? Or should I Hire Siedentopf Law, Tree of Life, or one of the other Trusted Advisors if they get the NICER Forgery Proof Permission Ledger Title Holding Entities around the Holydays?
Reinstate prop 58! We must FIX Prop 19. Please sign the petition to get this on the 2024 ballot!
It's easier than it sounds. We are retired, bought our retirement house. Sold our previous hse to daughter and fam. No sweat, no property tax change for daughter's hse.
All people USA live comfortable houses no conditions
There are a couple of discrepancies. 1. Property tax under Prop 13 can't be raised more than 2% per year, not 1%. 2. Yes, people 55 and older can transfer their lower property tax to a new home within California and it will stay at the same rate if they purchase a home of equal or lesser. However, if they sell their home for $500,000 and purchase a new home for $600,000 they will be assessed for an addition $100,000 onto their low transferred tax base.
What about a Transfer on Death?
My mortgage free house is in my trust. No children. If I leave it to a friend, what about the property taxes? Is there any way to AVOID my home being fully re-assessed ? The taxes would be too much for my friend to handle.
No, since she is actually not your blood relative, the house will be for sure be reassessed. I know it’s not fair & this new law makes me sick.
@@chrischamberlain7628
I'm not aware of any "easy" ways to accomplish this. You might want to check with a real estate attorney for more creative options
It’s absolutely fair. Not everyone wants to move every 5years. Washington state needs something equivalent.
As next deputy share if I can tell you don't put things into your kid's names because they will move you out in the middle of the night. We got so many calls on kids money to get rid of their parents and the house was in the kids name and we couldn't do anything about it.
The parents fault for not having a better relationship with the child. Also, the parent should have set up the transfer differently.
Do you have to be living with the parent at the time of death to avoid reassessment, or do you just need to make the home your primary residence after the death of the parent?
No, I don’t believe you need to be living with your parent when they die to get the $1 mm exclusion from reassessment; however, you do need to move into their home within 1 year of their death and file a homeowners exemption form.
@@ellencookman-EstatePlanningSNT Great question and answer, can you answer this one, why are not all the estate planners following NICEP and NICER and bravely caveating the Estate Plan Trust failed, so we can make a wise and informed decision to spend a cheap nickel on the NICER Prebate to spare our loved ones the Probate Dime or Litigation Quarter?
It's great that the kids will have to sell the home rather than turn it into another rental. More homeownership=better neighborhoods, a bigger middle class building wealth through equity. We don't need more landlords and renters. We need more home owners!
A bigger question is can I hire Ellen Cookman to give my inheritance to my kids using the easy to forge estate plan Trust without a greedy trustee grantee beneficiary stealing it? Or should I Hire Siedentopf Law, Tree of Life, or one of the other Trusted Advisors if they get the NICER Forgery Proof Permission Ledger Title Holding Entities around the Holydays?
Shyster lawyers are trickey, not to put property in joint tenancy.
Commifornia
I don't think I can accept this proposition too much commentary regularization just everything pression
But if you inherit a house and it’s paid off, the rent will pay for the property taxes
We don’t want to be forced to rent! They’re OUR homes. Sacred spaces.
ANOTHER CAN'TAFFORDYA TAX