055: How Will Prop 19 Impact Your Estate Plan on February 16th
Release Date: 02/03/2021
086: Trust Failures: Don't Let This Happen to You! (Continued!!)
Absolute Trust Talk
Over the past few years, we’ve seen an influx of trust administration cases. And with nearly every trust and every client, there has unfortunately been some sort of planning failure. Some of them are small, easy fixes, while others are bigger challenges that cost more time and money. The worst part is that they could have been avoided if the right thought process and planning were in place from the start. It’s true there is a lot to think about when it comes to setting up your trust and estate plan, but to truly protect your legacy and beneficiaries, you must think through a variety of...
info_outline
085: Estate Planning Changes Late in Life: Is it Real or is it Elder Abuse?
Absolute Trust Talk
Often, when an older adult modifies their estate plan, they are doing it of sound mind because of a change in their wishes. However, there are instances when an older adult makes the change because they are being pressured by someone who is taking advantage of their vulnerability and trust. Unfortunately, this happens more often than not. In the legal world, this is referred to as “undue influence,” which is considered a form of elder abuse. In a new episode of Absolute Trust Talk, host Kirsten Howe is joined by RMO LLP’s founding partner, Scott Rahn. Scott’s firm is a national probate...
info_outline
084: Medi-Cal for All
Absolute Trust Talk
Did you know that as of July 1, 2022, there will be some significant changes in the eligibility rules for Medi-Cal? Medi-Cal is the California implementation of Medicaid and something that many people depend on. Unfortunately, if you need Medi-Cal help now, these changes won’t be rolled out in time. But if Medi-Cal is something you’re planning on down the road, then these new law changes may help. Many more Californians will qualify for this support to help pay for nursing home care without spending down their assets or doing complicated asset transfer planning. In a new episode of...
info_outline
083: Living Better with Parkinson’s Disease
Absolute Trust Talk
Picture NBA player Brian Grant, known for his tenacity and fearlessness on the court. After pushing his body through conditioning, training, and contentious games, he learns he has Parkinson’s disease two years into retirement. Naturally, this came as an enormous shock. However, Parkinson’s is the fastest-growing neurological condition in the world. In fact, by 2040, the number of people living with Parkinson’s is set to double. Once Brian learned how to navigate living with this disease, he launched The Brian Grant Foundation (BGF) to “help people become their best, even when it seems...
info_outline
082: A Unique Program for Veterans
Absolute Trust Talk
As we age, the goal for many of us is to stay in our homes for as long as possible. Sure, we might need some help down the road, but we’ll cross that bridge when we get to it, right? That sounds great in theory, but we don’t think about all the extra costs and the challenges we may face in obtaining home care. Often, calls are made to home care services with urgent requests for help, but knowing what benefits and aid might be available in advance can help you plan and even improve quality of life by avoiding urgent health care situations – this includes veterans and their families. In...
info_outline
081: Navigating Senior Transitions
Absolute Trust Talk
Life is full of changes, and we all experience transitions that can impact our lives in significant ways, whether they are big, small, planned, or unplanned. As an older adult navigating a journey in aging, adjustments often bring on feelings of anxiety and stress, even if they are positive. Whether you’re retiring and slowing down, grieving the loss of a spouse, or moving to a new community that will better meet your lifestyle needs, it can be a challenge to integrate and meet new people. In a new episode of Absolute Trust Talk Live, Kirsten is joined by guest Penny Reed of Rossmoor...
info_outline
080: Music as Medicine
Absolute Trust Talk
If you take a look around the next time you’re out in public, chances are you will pass by at least a handful of people with their headphones in. And while there may be many catching up on their favorite podcast, there are just as many that are getting down or chilling out to their favorite tunes. It’s not hard to notice that music can indeed change your mood, like discovering a new song on the way to work that can make your whole day. Or, feeling the nostalgia when you hear the Breakfast Club soundtrack that makes you want to punch a hand up in the air. Music plays a large part in our...
info_outline
079: Home for the Holidays: Time for The Talk with Elderly Parents
Absolute Trust Talk
In a new episode of Absolute Trust Talk, Kirsten is joined by guest Linda Fodrini-Johnson, licensed family therapist and professional certified care manager. Together, they discuss returning home and what to do if you notice a parent beginning to struggle with their day-to-day routine.
info_outline
078: Retirement and Renewal for Career Women
Absolute Trust Talk
In a new episode of Absolute Trust Talk Live, Kristen is joined by guest Helen Dennis, a nationally recognized leader on the issues of aging and retiring. She is an author, a speaker, a teacher and has helped over 25,000 employees prepare for the non-economic aspects of retirement. Together, they discuss the working woman and how to navigate the retirement transition.
info_outline
077: Retirement Planning for Your Brain
Absolute Trust Talk
In a new episode of Absolute Trust Talk Live, Kirsten is joined by guest Dr. Quinn Kennedy. Dr. Kennedy has a Ph.D. in psychology, postdoctoral training in cognitive aging, and over 20 years of experience researching and investigating factors that affect older adults, decision-making, and memory performance. Kirsten and Dr. Kennedy will be diving into some of the best strategies for taking care of one's mind to preserve quality brain health as you age.
info_outlineProposition 19 is a ballot measure passed in the November 2020 election in the state of California that significantly changes the property taxes on real estate inherited by children from their parents. And not in a good way. Under this proposition, a parent can only transfer the primary residence (either by gift, by inheritance or by sale) without causing the property taxes to go up. That’s it! Not to mention, the law goes into effect on February 16, 2021, just a few short weeks away. This massive change has left many of our clients and California residents wondering how these negative impacts will affect their estate plan and what they can do in this short window of opportunity to save their families tens or even hundreds of thousands of dollars. Join us as Kirsten Howe discusses the intricate details of this new proposition, the impact on estate plans, and the next steps you need to take now.
Big Three from Episode #055:
- Prop 19 is a time-sensitive issue that may impact real estate inherited by your children after February 16th.
- The only way to maintain a low property tax payment under Prop 19 is if a child keeps an inherited primary residence as their own primary residence.
- Own a vacation home? Be prepared for higher property taxes.
Time-stamped Show Notes:
2:57 – Understanding Prop 19-What is assessed value, and how is it influenced under property tax laws?
4:38 – What does Prop 13 do for assessors?
6:52 – What does Prop 58 mean, and what did it do?
7:57 – What is Prop 19, and what does that mean for a parent to child transfer?
9:06 – If you have a vacation home, here is how Prop 19 affects you.
11:10 – Should you transfer a property?
12:01 – Does Prop 19 apply to you?
13:23 – What if your children don’t want a property?
14:04 – Why is it important to act NOW?
15:43 – What if you pass away after February 16th?
19:22 – If two siblings inherited the parent’s primary residence, can reassessment be avoided if only one sibling moves into the home?
21:35 – What happens to cases in progress right now?
23:00 – Seeing that time is of the essence, will investors be more compelled to sell their rental property sooner?
24:00 – Is there a way to transfer rental properties into an LLC or limited partnership to reserve the assessed tax base?