Trust & Estate Resources
Typically, CA heirs avoid property tax reassessment when they are inheriting a house and/or land from their parents as a portion, or all, of the shares they are receiving in trust, or in an estate; often going through probate.
CA heirs avoid property tax reassessment generally by moving rapidly through these processes without unnecessary delays; taking full advantage of Proposition 58 in particular… mainly to meet financing requirements for equal distribution, plus keep parents property taxes to maintain low property tax evaluation, so all property tax transfer transactions are executed in line with Proposition 13 and Proposition 58 tax relief.
Beneficiaries will often apply for a 3rd party loan with an inexpensive trust lender in California that provides affordable loans to trusts, such as estate & trust loans furnished by an established company like Commercial Loan Corporation; one of the only trust lenders in California that will lend directly to both a probate estate and an irrevocable trust.
This firm specializes in providing the type of loan required to take full advantage of the Proposition 58 property tax shelter, and “reassessment exclusion” as it is referred to by estate & trust loan specialists; typically closing these loans within 7 to 10 days and saving clients at least $6,000 or more every year in property taxes.This amount of money saved in property taxes may not sound like an enormous sum to folks in the upper tax brackets – but to middle class home owners it can make all the difference in the world.
Below are some useful resources, should you need fast and specific information on this subject:
California Board of Equalization
Loans to Trusts & Estates For Proposition 58
California Property Tax Consultant
Lucas Real Estate
Loans to Irrevocable Trusts
Trust and Estate Loans Blog
Proposition 13: A Look Back
Howard Jarvis Taxpayers Association