Description

Heard about the major change the Proposition 19 is going to make? Curious how the Proposition affects the parent-child transfer of real property? Then I got you covered. In this solo episode of I Know a Lawyer, I go over the basic framework of Proposition 19 and how it will affect parent-child property tax transfers. In the episode, I discuss:

• Current Prop 58 law basics and transfers of property other than the primary residence (01:49)
• Prop 19 effective date and how it will eliminate exemptions for transfer of non-primary residences (04:50)
• Two prongs of Prop 19 and requirements (06:50)
• Example of transfer of home and partial reassessment upon transfer (08:38)
• Other tax considerations before jumping to transfer before deadline (10:35)
• Other possible solutions (13:12)

Find a handy chart from the Board of Equalization regarding the change here.

If you have a questions about Prop 19 or whether you should transfer your property prior to February 16, 2021, contact me at 925-433-5447, ryan@mckennabrink.com or reach us through our website at mckennabrink.com. 

This podcast is for educational purposes. Don't take legal advice from a podcast, contact a lawyer instead for advice tailored to your situation.