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Proposition 19 Tax

Proposition 19 Tax Alert: Take Advantage of the Parent-Child Exclusion While it Lasts

It looks like Proposition 19 has passed by a narrow margin of 51.5% to 48.5%, making it the first successful attack on the parent-child exclusion (Proposition 58) since passage in 1986.  Under the soon to be old law, California real estate is exempt from reassessment for two types of transfers between parent and child (and, sometimes, grandparent and grandchild): (i) transfers of a parent’s primary residence to a child (or children) and (ii) transfers of up to $1 million of assessed (roll value) of a...

Family Estate Planning

The Biggest Threat to Your Legacy is Family Conflict

According to a recent poll by TD Wealth, 44% of accountants, attorneys, and trust officers believe that family conflict is the biggest threat to your legacy. Taxes have long been considered the biggest obstacle to transferring wealth, at least by those unfamiliar with the ravages of family conflict. As recently as 2001, the estate tax exemption amount was $675,000, and the value of assets in an estate exceeding that amount was taxed at 55%. There has never been a more tax-friendly time to leave behind a legacy....