How To Avoid Property Tax Reassessment and Increases! (California Prop 19)
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- Опубликовано: 13 июн 2024
- 𝐑𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐅𝐫𝐞𝐞 𝐋𝐢𝐯𝐢𝐧𝐠 𝐓𝐫𝐮𝐬𝐭 𝐂𝐥𝐚𝐬𝐬: www.FreeTrustClass.com
How To Avoid Property Tax Reassessment and Increases! (California Prop 19) // Did you know that your property taxes might double or triple when your family inherits your house when you die, especially if your property is located in California? If you own a home or rental property in California, you need to know about this new law called Proposition 19, because it could force your kids to sell your house if they can’t pay for the property tax increases. In this video, estate planning lawyer Edmund Yan will go over Prop 19 and how you can avoid potential property tax increases.
#TreeOfLifeLawFirm #californiaprop19 #proposition19 #propertytaxes
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✝️ (𝐅𝐫𝐞𝐞 𝐂𝐥𝐚𝐬𝐬) 𝐇𝐨𝐰 𝐭𝐨 𝐌𝐚𝐤𝐞 𝐘𝐨𝐮𝐫 𝐋𝐢𝐯𝐢𝐧𝐠 𝐓𝐫𝐮𝐬𝐭 𝐖𝐈𝐓𝐇𝐎𝐔𝐓 𝐇𝐢𝐫𝐢𝐧𝐠 𝐀 𝐋𝐚𝐰𝐲𝐞𝐫: www.FreeTrustClass.com
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00:00 - Intro
00:56 - Today’s Questions and Answers
01:45 - Why is Prop 19 so bad for families in California?
06:57 - Estate Planning Strategies Under Prop 19
09:38 - Watch the Free Living Trust Class
10:22 - Prayer
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Tree of Life Law Firm
(408) 412-1913
www.treeoflife.legal
Attorney Edmund Yan is on a mission to empower you and every homeowner in America (regardless of your budget) to make your own trust that actually works and actually protects your house and family from probate court.
Join Edmund in this free class as he reveals secrets that other lawyers don't want you to know... because after watching this class, many of you will be able to do it yourself without dipping into your savings to hire a lawyer to do it. Due to Edmund's demanding schedule, this free class is for a limited-time only, so click the link below to watch now before this class is no longer offered:
www.FreeTrustClass.com
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About Attorney Edmund Yan:
Hi, Edmund here. I’ve helped hundreds of clients design a meaningful future and leave a legacy of love. Because of my dedication to my clients, I’ve received many humbling awards, including:
🏆 Awarded 10 Best Estate Planning Attorney (AIOLC)
🏆 Clients' Choice Award (Avvo)
🏆 Voted in the top 2.5% of estate planning attorneys under 40 years old for 6 straight years (Super Lawyers Rising Star)
Thanks for watching! If you enjoyed this video and want to see more like it, be sure to hit that subscribe button and turn on notifications so you never miss a new upload.
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Legal Disclaimer:
The information in this RUclips video (1) is not, nor is it intended to be, legal advice; (2) does not create an attorney-client relationship between you and our law firm; (3) provides personal perspectives on legal news and developments; and (4) is provided solely for informational purposes and may be considered ATTORNEY ADVERTISING. We do not warrant that this information is complete or accurate, and we encourage you to do your own legal research or hire an attorney to ensure your legal questions are answered. We do not guarantee that you and your family will avoid probate court. Results vary depending on your own ability to make your living trust and other estate planning documents correctly. Watching this video, leaving a comment, or communicating with Edmund Yan or Tree of Life Law Firm by email or over the Internet does not create any attorney-client relationship unless an attorney-client agreement is signed. Edmund Yan is licensed in California and New York only. Prior results do not guarantee a similar outcome. If you have legal questions specific to your unique situation, you should speak to an attorney in your state.
Hi friends, was this video helpful? Please leave a comment below so we can make more practical videos about Prop 19 and how to avoid potential property tax increases!
I am a trustee/beneficiary seeking to transfer property to me. I think this was helpful
Should the parent reside in the same home with the child so that the parent can transfer the primary resident home to the child in an event when the parent dies? How should the parent prove to be the primary resident for the home? Does the parents' address on the tax report form prove enough to prove as their primary resident? What happens if the home is above $1mm? How will this home reassessed at $1mm?
What is a LLC?
Thank you for sharing your testimony. I am in this Prop 19 conundrum and have been told by a couple of attorneys that I will get the exclusion and by another that since I am not the only named beneficiary of the trust estate that this exclusion might be only be a percentage. The house is currently my principal residence. Thoughts??
There is proposition to remove a portion of prop 19 and reinact previous props that allowed inheritance without reassessments if parent to child or grandparent to grandchild.
What proposition is that to remove a portion of prop 19 please and was that voted on already?
It didnt get the signatures so.not on the ballot
Thanks for the information from a fellow sinner. We don't deserve his mercy but he gets it to us anyway when we strive to live by his ways. God bless you and yours.
What a beautiful way to be a witness for Christ. Thank you
You are welcome. God bless.
Prop 19 is insane; people of California still has not learned giving more money to Gov would only create MORE problem!
Most California voters don’t think before voting.
You know most states don't protect the original buyer from increasing property tax let alone the buyers kids right?
If your kid gets a free house and can't pay the new tax rate then they just got a bunch of cash for free.....that's not crazy...
Thank you for this video that we have an insight of Prop 19. God bless you and your family.
You are welcome. Glad it was helpful!
Sending prayers your way for you and your family.
God bless!
Proud of you for admitting that you were not kind to your wife. Pray for patience. A video about LLCs would be great!
Thank you for reaching out and leaving a comment! We appreciate your interest in our channel. Your question has been added to our list of video topics and we will certainly consider it for a future video. While we can't promise that we'll get to every question, rest assured that we're doing our best to bring you the most relevant and helpful content. Keep an eye out for future videos and keep the questions coming!
Please note that this is not legal or financial advice and we have no legal obligation to answer your questions. Our response is not, nor is it intended to be legal advice, to create an attorney-client relationship between you and Tree of Life Law Firm or any of its attorneys, or to be an offer to create such an attorney-client relationship. The information is provided for general information and educational purposes only and is not a substitute for professional advice. If you need personal legal or financial advice, please consult a legal or financial professional immediately. Do not take any action, postpone any action, or decline to take any proposed action based on this information without first engaging the representation of a licensed attorney at law in your State of residence. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED IN THESE COMMENTS IS SOLELY AT YOUR OWN RISK. God bless.
Excellent information, thank you!
You are welcome!
Hi Ed.. thanks for this, it really helps especially here in communist Kalifornia. I'm buying a second home in Nevada to get away from all this crazyness here in Kalifornia. I'm new subscriber. Thanks for the Bible verse. Love it!
You are welcome. Glad it was helpful!
Great info! Thanks
Glad it was helpful!
Prop 19 is causing rents to go up on small complexes! Creating homelessness!
Thank you
You're welcome!
God Bless You and your family ....🙂
Thank you. God bless you and your family too.
You can create a trust with primary,investment..
God bless you kid, You have me for your student.
Thank you and God bless!
The portion of prop 19 that is good will stay intact
Amen 😇 🙏 Amen , 🙌 🙌 🙌 🙌
Thank you for this helpful video. Is there a way to transfer my primary to my kids before death and also avoid reassessment? My primary is also their primary. And we’re located in the sf Bay Area. Thank you 🙏🏻
Thank you for reaching out and leaving a comment! We appreciate your interest in our channel. Your question has been added to our list of video topics and we will certainly consider it for a future video. While we can't promise that we'll get to every question, rest assured that we're doing our best to bring you the most relevant and helpful content. Keep an eye out for future videos and keep the questions coming!
Please note that this is not legal or financial advice and we have no legal obligation to answer your questions. Our response is not, nor is it intended to be legal advice, to create an attorney-client relationship between you and Tree of Life Law Firm or any of its attorneys, or to be an offer to create such an attorney-client relationship. The information is provided for general information and educational purposes only and is not a substitute for professional advice. If you need personal legal or financial advice, please consult a legal or financial professional immediately. Do not take any action, postpone any action, or decline to take any proposed action based on this information without first engaging the representation of a licensed attorney at law in your State of residence. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED IN THESE COMMENTS IS SOLELY AT YOUR OWN RISK. God bless.
Our house went up $300 from last year because the value went up too, they deliberate doing this to generate high taxes. Gladly we paid off our house two years ago but $1600 a year is hurting now.
$300 or $300K?
This is ridiculous lol. Most states don't even have prop 13 type protection. It should not get passed to your kids.
You can't have a house pass down 4 generations and be paying taxes on $15k.
If your kid isn't living in the house you left them they should sell it or pay the right taxes based on current value.
PTL.
Thank you
You are welcome. God bless.
Thank you very much for the detail video. I have a question, bought my house in 1998 for 166k, now value at 900k (primary resident). Property tax is around 4k/year. We're planning to sell it and purchase another house for 1.1 million. Understand I'll pay the add-on property tax for the differences (200k). Say we passed away 20 years later, property value at 1.5 million, what will be the approx property tax my child has to pay? (i'm confuse about 1 mil limited). Thanks in advance.
Thank you for reaching out and leaving a comment! We appreciate your interest in our channel. Your question has been added to our list of video topics and we will certainly consider it for a future video. While we can't promise that we'll get to every question, rest assured that we're doing our best to bring you the most relevant and helpful content. Keep an eye out for future videos and keep the questions coming!
Please note that this is not legal or financial advice and we have no legal obligation to answer your questions. Our response is not, nor is it intended to be legal advice, to create an attorney-client relationship between you and Tree of Life Law Firm or any of its attorneys, or to be an offer to create such an attorney-client relationship. The information is provided for general information and educational purposes only and is not a substitute for professional advice. If you need personal legal or financial advice, please consult a legal or financial professional immediately. Do not take any action, postpone any action, or decline to take any proposed action based on this information without first engaging the representation of a licensed attorney at law in your State of residence. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED IN THESE COMMENTS IS SOLELY AT YOUR OWN RISK. God bless.
Hello, what languages does your office speak? And are you able to service remotely (zoom, etc) as I’m in Southern California.
Hi Toby. Yes we can help you. Please visit our website www.treeoflife.legal to book a free phone consultation.
Hi Yan ! you the home is paid off over a 1 million will the child still be re assessed for higher taxes???
Thank you for reaching out and leaving a comment! We appreciate your interest in our channel. Your question has been added to our list of video topics and we will certainly consider it for a future video. While we can't promise that we'll get to every question, rest assured that we're doing our best to bring you the most relevant and helpful content. Keep an eye out for future videos and keep the questions coming!
Please note that this is not legal or financial advice and we have no legal obligation to answer your questions. Our response is not, nor is it intended to be legal advice, to create an attorney-client relationship between you and Tree of Life Law Firm or any of its attorneys, or to be an offer to create such an attorney-client relationship. The information is provided for general information and educational purposes only and is not a substitute for professional advice. If you need personal legal or financial advice, please consult a legal or financial professional immediately. Do not take any action, postpone any action, or decline to take any proposed action based on this information without first engaging the representation of a licensed attorney at law in your State of residence. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED IN THESE COMMENTS IS SOLELY AT YOUR OWN RISK. God bless.
My parents have my sister on their deed with the understanding that they were tenants in common but it turns out they were joint tenants. When they made a living trust for their portion of the property it triggered a supplemental tax. Does this make sense when they didn’t transfer the property and they reside at the property?
Thank you for reaching out and leaving a comment! We appreciate your interest in our channel. Your question has been added to our list of video topics and we will certainly consider it for a future video. While we can't promise that we'll get to every question, rest assured that we're doing our best to bring you the most relevant and helpful content. Keep an eye out for future videos and keep the questions coming!
Please note that this is not legal or financial advice and we have no legal obligation to answer your questions. Our response is not, nor is it intended to be legal advice, to create an attorney-client relationship between you and Tree of Life Law Firm or any of its attorneys, or to be an offer to create such an attorney-client relationship. The information is provided for general information and educational purposes only and is not a substitute for professional advice. If you need personal legal or financial advice, please consult a legal or financial professional immediately. Do not take any action, postpone any action, or decline to take any proposed action based on this information without first engaging the representation of a licensed attorney at law in your State of residence. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED IN THESE COMMENTS IS SOLELY AT YOUR OWN RISK. God bless.
What happens if the assessed value at time of death is 500k and over the length of time becomes assessed at 1 million? Does prop 19 still kick in at the time?>
Thank you for reaching out and leaving a comment! We appreciate your interest in our channel. Your question has been added to our list of video topics and we will certainly consider it for a future video. While we can't promise that we'll get to every question, rest assured that we're doing our best to bring you the most relevant and helpful content. Keep an eye out for future videos and keep the questions coming!
Please note that this is not legal or financial advice and we have no legal obligation to answer your questions. Our response is not, nor is it intended to be legal advice, to create an attorney-client relationship between you and Tree of Life Law Firm or any of its attorneys, or to be an offer to create such an attorney-client relationship. The information is provided for general information and educational purposes only and is not a substitute for professional advice. If you need personal legal or financial advice, please consult a legal or financial professional immediately. Do not take any action, postpone any action, or decline to take any proposed action based on this information without first engaging the representation of a licensed attorney at law in your State of residence. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED IN THESE COMMENTS IS SOLELY AT YOUR OWN RISK. God bless.
#2 reads if the house assessed value is less than $1m. Question: is that the assessed value that the parent's assessed value that is on the assessor's book when the parent died or is it the current market?
Example: I've owned a house since 1987. Paid $215k for it, over the next 30 years its assessed value increases 2%/year thus on the assessor's books, it will show $215k +
.02 * 30 * 215k = $344k this is the assessed value while I am alive.
So I die, the house is worth $1.2m thus if sold the assessed value would be $1.2m. Which assessed value is used for Prop 19 determination? $344k or $1.2m
Thank you for reaching out and leaving a comment! We appreciate your interest in our channel. Your question has been added to our list of video topics and we will certainly consider it for a future video. While we can't promise that we'll get to every question, rest assured that we're doing our best to bring you the most relevant and helpful content. Keep an eye out for future videos and keep the questions coming!
Please note that this is not legal or financial advice and we have no legal obligation to answer your questions. Our response is not, nor is it intended to be legal advice, to create an attorney-client relationship between you and Tree of Life Law Firm or any of its attorneys, or to be an offer to create such an attorney-client relationship. The information is provided for general information and educational purposes only and is not a substitute for professional advice. If you need personal legal or financial advice, please consult a legal or financial professional immediately. Do not take any action, postpone any action, or decline to take any proposed action based on this information without first engaging the representation of a licensed attorney at law in your State of residence. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED IN THESE COMMENTS IS SOLELY AT YOUR OWN RISK. God bless.
you need to increase your talking voice volume when you edit videos. It's softer than most other videos on YT
Thanks for the feedback
Yea, I’ll just write a $5,000 check.
How can we keep the county from trespassing against our will, in order to send us a higher property tax bill? This home they ignored the signs and we expect that to happen again. We bought a home for 87K because that's our entire savings, we need out of this Mortgage we are behind on.
Thank you for reaching out and leaving a comment! We appreciate your interest in our channel. Your question has been added to our list of video topics and we will certainly consider it for a future video. While we can't promise that we'll get to every question, rest assured that we're doing our best to bring you the most relevant and helpful content. Keep an eye out for future videos and keep the questions coming!
Please note that this is not legal or financial advice and we have no legal obligation to answer your questions. Our response is not, nor is it intended to be legal advice, to create an attorney-client relationship between you and Tree of Life Law Firm or any of its attorneys, or to be an offer to create such an attorney-client relationship. The information is provided for general information and educational purposes only and is not a substitute for professional advice. If you need personal legal or financial advice, please consult a legal or financial professional immediately. Do not take any action, postpone any action, or decline to take any proposed action based on this information without first engaging the representation of a licensed attorney at law in your State of residence. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED IN THESE COMMENTS IS SOLELY AT YOUR OWN RISK. God bless.
@@treeoflifelawfirm Thank you! God Bless
hopefully no more property tax or simliar to Hawaii low rate-0 05% . From observation , US is good place cut the govt want to stress you out, so no way I will retire in US.
There needs to be a reasesment every 5 years and property taxes need to be ranked based on size and income. No more this stupid $50mill estates paying $5000 in property taxes. These oligarchs need to pay the fair share. AND YES IF YOU CANT PAY YOU NEED TO SELL OR DO SOMETHING ELSE - business, rent, loans - lots of stuff you can do....
Paying TAXES is not BAD...we ALL benefit from this common good.
This is going to put more people on the street. Smart move!
Maybe, if they live in the property that they'll inherit. Most will just sell, which is what the big investment firms want to happen.
Hello, Friend. Please record your audio louder next time.
Thank you for the feedback.
Gods,in His Almighty power bless you, your career, your family and your dreams.
Thank you. God bless you and your family too!
gov is so evil to do this
The people of California are so stupid to vote for this prop
God Bless You Brother... Give Your Wife a Foot Massage
What a bunch of slimeballs the group of realtors did to con the public for prop 19. Karma is a bit&h though. Now there going to reduce the the selling commission of 6%.
That’s right 😂😂😂
So I bought my house in 1987, paid $215k. My tax bill then is $215k times 1% or $2,150. Prop 13 and 2% increase limit, end of 30 years my tax bill is say $3,300. Fine, I paid the 1% at the beginning and now 30 years later, I have the benefit of lower prop taxes of $3,300. I paid my dues and held on thick and thin.
Now I die, my kids get the house that is worth $1.2m. Wow lucky them. And sure they are going to complain that their prop tax bill will be $1.2m times 1% but hey, they have a house that is worth 100 times that single year's property tax bill.
It was through MY action of holding onto the house for 30 years that I got the lower prop tax, it had nothing to do with what my kids did. Prop 13 was NEVER intended to go from one generation to another, it was meant to protect the current home owner from prop tax hikes while they owned that property.
One final item, for apartments and income property being valued using a 5% cap rate, invert the 5% and one gets 20. A one dollar change in Net Operating Income will lead to a $20 value increase in property. In all my years in CRE, not once have I heard a property owner say, well with the lower property taxes, I guess I should charge below market rent---NOT ONCE. And now to let a property owner pass along the benefit of Prop 13 to their kids is greed. The kids have a property that is worth a ton more than what the parents paid for it, the parents should get the benefits of Prop 13, NOT THE KIDS
Thank you for reaching out and leaving a comment! We appreciate your interest in our channel. Your question has been added to our list of video topics and we will certainly consider it for a future video. While we can't promise that we'll get to every question, rest assured that we're doing our best to bring you the most relevant and helpful content. Keep an eye out for future videos and keep the questions coming!
Please note that this is not legal or financial advice and we have no legal obligation to answer your questions. Our response is not, nor is it intended to be legal advice, to create an attorney-client relationship between you and Tree of Life Law Firm or any of its attorneys, or to be an offer to create such an attorney-client relationship. The information is provided for general information and educational purposes only and is not a substitute for professional advice. If you need personal legal or financial advice, please consult a legal or financial professional immediately. Do not take any action, postpone any action, or decline to take any proposed action based on this information without first engaging the representation of a licensed attorney at law in your State of residence. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED IN THESE COMMENTS IS SOLELY AT YOUR OWN RISK. God bless.
1M dollar can easily fetch you 10K a month in rental income. That's a lot of new income to still complain about paying taxes?
All the INFO you provided was valuable until you brought GOD the father into it. It's your platform however...I really just wanted to be informed re: CA 19. Thank you...While I believe YESHUA rules and MORE importantly the MOTHER MARY, I won't be back.
Glad it was helpful.
Unsubscribed as soon as I saw religious content, how is that related to estate planning?
You need Jesus when you die because you can’t take ur property with you.