Can You Still Transfer Property to Your Kids? Part 1: The New Rules Under Prop 19
In this first part of a two-part series of The Jones Zone, Darryl Jones is joined by Michael Kelly, a real estate property tax attorney, to explore the intricate world of California property taxes. They take a deep dive into the key provisions of Prop 19 and its impact on property transfers, focusing on crucial topics like parent-to-child exclusion, property value transfers, and the major changes that have affected homeowners since the law passed in 2021. Michael provides clarity on how these laws impact Californians, offering actionable insights to help homeowners navigate their real estate decisions.
Episode Highlights:
- Prop 19 has significantly impacted how Californians can transfer property to their children, capping the value of properties and imposing reassessment limitations.
- Michael Kelly breaks down how homeowners over 55 can benefit from Prop 19's base year value transfer, but he also highlights new challenges.
- Strategies for minimizing tax increases and staying compliant with California property tax laws.
Key Questions Asked:
- What are some key factors that lead to property tax reassessments in California?
- What is the impact of Prop 19 on inherited properties, especially when transferring ownership between parents and children?
- Can you explain how Prop 13 affects property taxes in California and what homeowners need to know?
- What steps can be taken to avoid property tax reassessments when transferring property into trusts?
- What are the implications of moving properties into legal entities such as LLCs or partnerships for tax purposes?
Contact Darryl:
Darryl & JJ Jones Real Estate
Email: darrylandjj@gmail.com
Phone: (714) 713-4663
Contact Michael:
Michael Kelly
Email: michael@apataxlaw.com
Phone: (818) 553-1300
