Everyone had eyes at the top of the ticket on November 3. But other elections also had a significant impact on people’s lives. In California, voters had many propositions, including Proposition 19. As of November 9, 2020, Proposition 19 was headed to passage by a margin of 51.2% to 48.8% with 84% of the vote counted. Proposition 19 is a ballot measure in California to modify Propositions 13 and 58. Proposition 13 passed in 1978. Proposition 13 limited property tax increases to 2% annually … [Read more...] about Planning for California’s Proposition 19
Property Tax
To Fund or Not to Fund: What to Know Before Transferring Real Estate to a Trust (Part Two of Three)
Last week, I discussed how the transfer of real estate into a trust could trigger issues regarding Homeowner’s Insurance and Title Insurance. There are many other issues to consider. This week, I’ll look at tax and asset protection considerations. Taxes Capital Gains Tax: Transferring a residence to a grantor trust (like a revocable trust) does not interfere with the grantor’s $250,000 (or $500,000 for joint returns) capital gains exclusion, provided the property otherwise … [Read more...] about To Fund or Not to Fund: What to Know Before Transferring Real Estate to a Trust (Part Two of Three)
