URGENT PROP 19 UPDATE: The deadline of February 15, 2021 has now passed. But CunninghamLegal has A NEW PROP 19 STRATEGY to retain Prop 13 caps for your children. Read https://www.cunninghamlegal.com/prop1… and see the webinar at https://www.cunninghamlegal.com/legal… for more details!
If you are thinking about buying out a sibling’s interest in a California house after your parents pass, you need to act fast and tread carefully. ESPECIALLY after the passage of Prop 19 in California. Proposition 13 tax caps are vital, and often LOST when a sibling buys out another (This is a danger any time there’s a change of ownership–death, sale, or gift). Watch this informative webinar to learn expert legal tips on how to handle family-owned properties without losing Proposition 13 taxes.
When you inherit property, Prop 13 is an intersection of trust law and real estate law, as well as a whole bunch of other legal matters. The taxes on the property can end up very high if you don’t get the help of a certified specialist lawyer in Estate Planning. Anytime there’s a change in ownership, your property could be reassessed at a higher tax cap value. Whether your situation is complex or simple, or if your sibling is entitled through the last will or a living trust, our estate planning attorneys can explain Prop 19 in California in a minute, give you the basics, and help you with the pros and cons of the buy-out process.