Discover How to Save on Increased Taxes

Introduction

Are you a homeowner in California? If so, you’ll want to pay attention to the recent changes in property inheritance laws. These changes could significantly impact your financial future. Let’s dive into what’s new and how you can take advantage of these modifications.


The California Changes to Tax Assessment on Inherited Homes Initiative (2024)

What’s It All About?

On November 5, 2024, California voters will have the opportunity to vote on the California Changes to Tax Assessment on Inherited Homes Initiative. This constitutional amendment aims to re-enact certain rights for parents and grandparents when transferring residential properties to their children or grandchildren.

Key Points:

  1. Exemption Threshold: Under this initiative, the first $1 million of property value can be transferred without triggering a reassessment. This applies not only to primary residences but also to other real properties.
  2. Repealing Proposition 19: The initiative seeks to undo the requirement imposed by Proposition 19 (enacted in 2020). Previously, inherited homes that were not used as principal residences (such as second homes or rentals) were reassessed at market value upon transfer. The new initiative aims to restore the original rules.
  3. Tax Savings: By understanding these changes, homeowners can potentially save on property taxes. Imagine passing down your family home without the burden of immediate reassessment!

Bay area properties such as San Francisco, Palo Alto, Redwood City, Sausalito, Tiburon, Fremont and surrounding cities with high property values are especially hard hit by Proposition 19.  It is important to take action NOW to protect your family’s home against the effects of Proposition 19 because, there’s no guarantee that it will be repealed.


Why Should You Set an Appointment?

  1. A 20-minute, no obligation consultation is FREE!
  2. Stay Informed: Attend an appointment to learn about the specifics of the new law. Knowledge is power, and understanding your options can help you make informed decisions.
  3. Maximize Savings: Discover strategies to minimize tax implications. Whether you’re passing down a cherished family home or planning for the future, knowing the rules can save you money.
  4. Protect Your Legacy: Ensure that your loved ones inherit your property with minimal tax impact. Learn how to navigate the changes effectively.

Conclusion

Don’t miss out on this opportunity! Set a FREE appointment today to explore California’s new home inheritance law changes. Learn how to safeguard your assets, reduce taxes, and secure your family’s legacy.

Remember, knowledge is the key to financial empowerment. Act now and unlock the benefits!


Sources:

  1. California Changes to Tax Assessment on Inherited Homes Initiative (2024)
  2. How Proposition 19 Affects Inherited Property for Californians

Disclaimer: This article provides general information and should not be considered legal advice. Schedule a free 20-minute consultation with a professional today for personalized guidance regarding your specific situation.