Are you aware that Prop 19 could lead to massive tax hikes for California families? 🏡 If you own property in California, understanding Prop 19 is crucial to protecting your family’s estate. In this video, Gilfix Law dives deep into the implications of Prop 19, the new California real estate law that significantly impacts property taxes and estate planning.
Prop 19, passed by voter initiative in the 2020 election, has drastically altered the protections provided by Prop 58. While Prop 13 still limits property tax increases, Prop 19 has removed the ability for parents to transfer property to their children without reassessment, leading to potential massive tax increases upon inheritance.
Key topics covered include:
– Detailed breakdown of Prop 19 and its impact on primary residences and rental properties.
– The elimination of previous tax protections for property transfers between parents and children.
– The urgent need for estate planning to mitigate these new tax liabilities.
CHAPTERS:
0:00 – Prop 19 Overview
1:32 – Prop 19 Primary Residence Rules
4:26 – Prop 19 Rentals and Vacation Homes
This video is presented for educational purposes only. It is not meant to provide legal advice. For us to provide you with legal advice, we need to meet with you to understand your specific issues.
To make an appointment, call us at 650-493-8070 or visit our website: www.gilfix.com
source
