Please vote in the upcoming election! In addition to the presidential race, Californians have many propositions on the ballot. I want to specifically address Proposition 19 because it affects so many of our clients.
Proposition 19 Changes the Way Your Children Inherit Your Real Property
For the majority of our clients, their home is their most valuable asset. Many wish to leave their home to their children, either as a place to live or as a source of income. Proposition 19 will make this more difficult, forcing many to sell their home because of significantly increased property taxes.
Currently, transfers of property between parents and children do not cause a reassessment for property tax purposes.
Proposition 19 changes that. If children wish to rent the inherited home rather than live in it, they will lose their Proposition 13 protection. As a result, they will pay significantly higher taxes. And even for those who choose to live in the home, their property taxes will increase if the home’s value is over $1 million—which is fairly common for homes in many parts of California.
If your home is your largest asset, and you hope to someday leave it to your children, we urge you to vote no on Proposition 19.
We would be honored to help you and your family with your California estate plan
We welcome the opportunity to make sure you and your loved ones have the best plans in place to provide peace of mind for you and security for your family.
Give us a call at 707-937-2701.
Or click to make an appointment on my calendar https://calendly.com/decarlilaw/initial-consultation
Take care, and stay well.