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Have you heard about the major change Proposition 19 is going to make?
California property taxes are becoming increasingly complex. Property transfers - both primary residences and rental properties - to children and grandchildren are significantly affected by Proposition 19.
It will have a large impact on many property owners in CA, particularly those aged 55+, a person with severe disabilities or a victim of a natural disaster, and investment property owners.
This law would also close the so-called “Lebowski” loophole, which gives people who inherit property a pass on paying market rate taxes as long as they do not make it their primary residence.
How will Prop 19 be able to eliminate exemptions for the transfer of non-primary residences? If you’re curious about how the Proposition affects the parent-to-child transfer of real property, then we’ve got you covered in this week’s episode of The Free Retiree Show.
Join us as Associate Attorney and Certified Estate Planning Specialist Nina Decker explains what Prop 19 is in detail, how different it is from the previous law, how it will affect certain individuals, and more.
With hosts, wealth manager Lee Michael Murphy, career advisor Sergio Patterson, and attorney Matthew McElroy tune in to this week’s episode of The Free Retiree Show.
To get the episode, show notes, and share links, please go to our podcast page. Thank you for sharing our podcast.
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