{"id":3369,"date":"2019-03-05T12:20:07","date_gmt":"2019-03-05T20:20:07","guid":{"rendered":"https:\/\/mcdlawyers.net\/?p=3369"},"modified":"2019-03-05T16:16:18","modified_gmt":"2019-03-06T00:16:18","slug":"propositions-when-transferring-real-estate","status":"publish","type":"post","link":"https:\/\/mcdlawyers.net\/?p=3369","title":{"rendered":"Important Propositions To Remember When Transferring Real Estate in California"},"content":{"rendered":"<p>[et_pb_section bb_built=&#8221;1&#8243; _builder_version=&#8221;3.0.47&#8243;][et_pb_row _builder_version=&#8221;3.0.47&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; _i=&#8221;0&#8243; _address=&#8221;0.0&#8243;][et_pb_column type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;3.0.82&#8243;]<\/p>\n<p><strong>Have you thought about how you would transfer real estate to your children if need be? Here are facts about important propositions to remember when transferring your property to children:\u00a0<\/strong><\/p>\n<ul>\n<li>Proposition 13: This proposition applies only to California real estate and when passed, reduces the property tax on homes, businesses and farms. Upon the Proposition 13 Tax Reform, property tax was frozen at the value in 1976 which authorized property owners to estimate the amount of future property taxes, and determine the maximum amount taxes could increase as long as he or she owned the property (information gathered from this <a href=\"https:\/\/www.californiataxdata.com\/pdf\/Prop13.pdf\" target=\"_blank\" rel=\"noopener\">link<\/a>). If you would like to read more about Proposition 13, please click <a href=\"https:\/\/mcdlawyers.net\/commercial-property-and-family-transfer-reassessment\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>Proposition 58: Simplified, Proposition 58 prevents reassessments on transfers between parent(s) and child(ren). This includes the primary residence, regardless of home value. However, transfers that are not included in reassessment are: gifts\/sale&#8217;s\/inheritance transfers, primary residence, and the first $1 million in transfers of real property that is not the primary residence. To learn more about Proposition 58, please click <a href=\"http:\/\/www.boe.ca.gov\/proptaxes\/faqs\/propositions58.htm\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>Proposition 60 and Proposition 90: Though these two propositions are similar (homeowners must be at least 55 years or older and must reside in California), they have one important difference. Prop 60 refers to transfers made within the same county and Prop 90 refers to transfers made to another county. Nonetheless, in both propositions, the homeowner can qualify for 60\/90 benefits, require the same filing deadline, tax relief on new construction of home (under market value of home), etc. To read more about Proposition 60\/90, please click <a href=\"https:\/\/assessor.lacounty.gov\/wp-content\/uploads\/2015\/02\/E-20.pdf\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/li>\n<\/ul>\n<p>If you have questions regarding the information previously mentioned, please feel free to contact McDowall Cotter&#8217;s office at (650) 572-7933 or visit our website at<a href=\"https:\/\/mcdlawyers.net\" target=\"_blank\" rel=\"noopener\"> www.mcdlawyers.net<\/a> . Our intelligent and dedicated staff will be able to assist you with any questions or needs you may have.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Have you thought about how you would transfer real estate to your children if need be? Here are facts about important propositions to remember when transferring your property to children:\u00a0 [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<p style=\"text-align: justify;\">Turning 18 is a big milestone \u2013 not just from a parent\u2019s emotional perspective, but also for the 18-year-old, who is almost stepping into adulthood. As amazing as turning eighteen can be, the \u2018to-do\u201d items associated with it should not be overlooked.<\/p><ul style=\"list-style-type: circle; text-align: justify;\"><li>Starting at 17, kids cannot accompany parents through the TSA Pre line and would require their own Trusted Traveler Number. Please refer to <a href=\"https:\/\/ttp.cbp.dhs.gov\/\">https:\/\/ttp.cbp.dhs.gov\/<\/a> for more information. The Trusted Traveler Number is then entered into the airline's system, which means the kids would require their own account.<\/li><li>By law, all male U.S. citizens, regardless of where they live, and male immigrants, whether documented or undocumented, residing in the United States, who are 18 through 25, are required to register with the federal Selective Service within 30 days of their 18<sup>th<\/sup> birthday, and the following 29 days after their 18<sup>th<\/sup> Registering with Selective Service does not mean you are joining the military. In all 50 states, students who fail to register are not eligible for student loans or college grants. For more information please refer to <a href=\"https:\/\/www.sss.gov\/\">https:\/\/www.sss.gov\/<\/a><\/li><li>Turning 18 comes with great privileges \u2013 the right to vote, buying a house, etc.<\/li><li>Bank accounts can no longer be \u2018custodial\u2019 accounts.<\/li><li>If parents wish to stay informed about their children\u2019s healthcare (which presumably they are still paying for), the children would then need to sign an Advance Health Care Directive (AHCD). An AHCD is also known as a living will, personal directive, advance directive, medical directive or advance decision. It is a legal document in which a person identifies agents to make health care decisions and provides for end-of-life treatment decisions when he or she is no longer able to make decisions because of incapacity. You can obtain a blank AHCD by visiting our website <a href=\"https:\/\/mcdlawyers.net\">mcdlawyers.net<\/a> under Resources.<\/li><\/ul><p style=\"text-align: justify;\">If you have any questions regarding any of the tips mentioned above, please feel free to contact our office at 650-572-7933. McDowall Cotter\u2019s distinctive customer-centric approach will provide you with exceptional legal representation tailored to your specific needs. We pride ourselves not only in our commitment and dedication to the welfare of our clients but also their peace of mind.<\/p><p>\u00a0<\/p><p>\u00a0<\/p><p>\u00a0<\/p>","_et_gb_content_width":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[134,100,75],"class_list":["post-3369","post","type-post","status-publish","format-standard","hentry","category-blog","tag-property","tag-real-estate","tag-taxes"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/mcdlawyers.net\/index.php?rest_route=\/wp\/v2\/posts\/3369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mcdlawyers.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mcdlawyers.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mcdlawyers.net\/index.php?rest_route=\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/mcdlawyers.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3369"}],"version-history":[{"count":0,"href":"https:\/\/mcdlawyers.net\/index.php?rest_route=\/wp\/v2\/posts\/3369\/revisions"}],"wp:attachment":[{"href":"https:\/\/mcdlawyers.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mcdlawyers.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mcdlawyers.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}