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Transfers from Parents & Grandparents to Children: Avoid an Increase in Property Tax

June 4, 2012/1 Comment/in Estate Planning /by Michael Lonich

 Do you know how to shield your  intra-family property transfers from being reassessed for property tax purposes? Understanding the law about exclusions from reappraisal is the first step towards avoiding an increase in property tax.

In California, real property is reassessed at the market value if it is sold or transferred, and property taxes can sometimes increase dramatically as a result. However, if the sale or transfer is between parents and their children, or from grandparents to their grandchildren, the property will not be reassessed if certain conditions are met and the proper application is timely filed.

Transfers of real property are excluded from reassessment if either (1) the transfer is a primary residence (no value limit); or (2) the transfer is of the first $1 million of real property other than the primary residence. The $1 million exclusion applies separately to each eligible transferor. For example, a grandchild may exclude $1 million of property transferred from her father and his parents (paternal grandparents); and $1 million of property transferred from her mother and her parents (maternal grandparents) for a total of $2 million.

It is important to note that claiming this exclusion is not always beneficial. The attorneys at Lonich Patton Erlich Policastri have decades of experience handling complex property matters. If you are interested in developing a property transfer strategy tailored to your family’s needs or learning more about estate planning, contact the experienced estate planning attorneys at Lonich Patton Erlich Policastri for further information. Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results.  While this post may detail general legal issues, it is not legal advice. Use of this site does not create an attorney-client relationship.

https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png 0 0 Michael Lonich https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Michael Lonich2012-06-04 12:05:562021-12-22 21:29:55Transfers from Parents & Grandparents to Children: Avoid an Increase in Property Tax

What Happens to Out-of-State Real Property Upon a Divorce in California?

January 11, 2011/in Family Law /by Mitchell Ehrlich

Upon a divorce, it is often a complicated and challenging process to divide real property existing in another state.  The correct treatment of an out of state home or piece of land depends on how the property is characterized under California community property law.  Generally, most property acquired during marriage is considered community property.  At divorce, community property is divided equally between spouses.  However, property acquired during marriage while living in a non-community property state is not community property.  To find out what happens to this out of state real property, it is best to look at an example.

Let’s assume you and your spouse meet, marry, and reside in non-community property state.  While married, you purchase a home with the savings you both earned during your marriage.  Now, let’s assume, your spouse gets a job in California and you relocated without selling your home.  Years later, you file for divorce.  Under California law, this property is not community property as it was not acquired in a community property state.  Instead, this property is characterized as “quasi-community property.”

Quasi-community property is property (wherever located) that would have been community property if the spouses had acquired it while domiciled in California.  In a California divorce proceeding, quasi-community property will be treated the same as community property.  Thus, in the above example, the out of state home would be divided the same way as if it were located in California.  If located in California, the home would have been considered community property as it was acquired during marriage with martial earnings.  It is important to remember that California community property law is complex, and it is filled with numerous exceptions.

For more information on how your property would be characterized under California law, please contact us.  Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results.  While this post may include legal issues, it is not legal advice.  Use of this site does not create an attorney-client relationship.

https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png 0 0 Mitchell Ehrlich https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Mitchell Ehrlich2011-01-11 09:34:192021-12-22 21:57:27What Happens to Out-of-State Real Property Upon a Divorce in California?
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LONICH PATTON EHRLICH POLICASTRI

Phone: (408) 553-0801
Fax: (408) 553-0807
Email: contact@lpeplaw.com

1871 The Alameda, Suite 400
San Jose, CA 95126

Located in San Jose, Lonich Patton Ehrlich Policastri handles matters for clients in northern California, specifically San Jose and Silicon Valley. Our services are available to anyone within the following counties: Santa Clara, San Mateo, Contra Costa, Santa Cruz, Monterey, San Benito, and San Francisco. For a full listing of areas where we practice, please click here.

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