Proposition 19 – Transfer legacy property

California’s unofficial election results from the November 3, 2020 election indicate that Proposition 19, one of the two Propositions affecting California property tax rules, will pass and can result in an increase in property taxes for transfers of California real property between parents and children. Now is the window of opportunity for families to review and plan for possible transfers of real estate to their children. There are several planning strategies to consider in making a current transfer, including using trusts, limited partnerships, and limited liability companies. Please call us if you wish to discuss how these changes may affect your specific tax situation and the planning steps you might consider in response.