We hope you are well. Recently, California voters approved Prop 19 which affects county property taxes. If you don’t own a house, you can skip reading this email. However, if you fall into one of these categories, please contact us to create or update your estate plan around Prop 19:
- Your current annual property taxes are low
- You own one or more real properties in CA
- You plan on giving your real properties to your children or grandchildren
Billed as the "Home Protection For Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act,” Prop 19 changes the existing laws in several ways, and most significantly:
- For your primary residence, it limits the Parent/Child or Grandparent/Grandchild exclusion to the first $1,000,000 in assessed value so long as the child or grandchild lives in the residence as his or her primary residence
- For your non-primary residence, it completely eliminates the Parent/Child or Grandparent/Grandchild exclusion secondary real properties
The window to plan for Prop 19 is extremely slim, only until about January 15, 2021. We have received so many calls for assistance, however, there are several factors to determine whether planning around Prop 19 is feasible.
Please watch the video below and email Jessica at jessica@goldfarbluu.com if you would like to take advantage of this very immediate planning. We are going to be closed for a couple of weeks over the holidays for some much needed time off for our team.
In order to help you before it’s too late, we must get started in the next week or so. While we want to help everyone, we are only able to accept the first 10-15 new clients.
Happy holidays and stay safe,Your Goldfarb & Luu Family