Higher property tax for your children in California!

[@johnhwang339]

Excellent video, Kevin! I'm enjoying you bringing experts in on your videos to talk about other aspects regarding home ownership like title, prop 13 and 19, and property taxes. Maybe you can have someone come in talk about homeowner's insurance and earthquake insurance. Possibly even flood insurance...although we don't see it often here in CA.
One thing to mention with a living trust, once a beneficiary inherits the property, he/she doesn't need to transfer the title out of the trust. What I would say is to get an appraisal done right away so that this would be the cost basis. When the time comes to sell the property, the capital gains would be the amount over the appraisal that was done. The beneficiary can still live in the home and pay property tax based on the lower assessed value.
Keep up the good work!

[@livinginpasadena]

Thanks for the support John. That’s a great tip about the living trust! I’ll look into my insurance contacts… buying homeowner insurance is difficult in CA right now