055: How Will Prop 19 Impact Your Estate Plan on February 16th
Release Date: 02/03/2021
065: Diablo Valley Foundation for the Aging: A Valuable Community Resource
Absolute Trust Talk
In today’s episode of Absolute Trust Talk, Kirsten sits down with Jody Iorns, Executive Director of the Diablo Valley Foundation for the Aging (DVFA). DVFA is a nonprofit that has been providing services to seniors in Contra Costa County since 1975. Kirsten and Jody dive into the organization’s history and break down all the benefits and support provided to seniors and their families to maintain quality of life. Where you’re local to the area or not, this is an episode you don’t want to miss.
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064: Trust Failures: Don’t Let This Happen to You
Absolute Trust Talk
In a new episode of Absolute Trust Talk, Kirsten sits down with fellow Absolute Trust Counsel attorney Madison Gunn. As a fellow expert, Madison joins Kirsten to discuss some of the most common trust administration failures and what you need to do to avoid these issues with your own estate plan. No matter what stage of the trust administration journey you’re in, you’ll want to listen to this podcast and protect the future of your legacy and your beneficiaries.
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063: Aging in Place: It Takes a Village
Absolute Trust Talk
In a new episode of Absolute Trust Talk, Kirsten sits down with board-elected president Larry Toy of Lamorinda Village. Lamorinda is a 501(c) (3) non-profit developed as a community-based network of people ages 55 and older that offers support and connections to help older adults stay connected and thriving while aging in place. Larry and Kirsten dive into the programs and services that the village offers as well as how people can join and get involved.
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062: Hiring Home Caregivers: Know the Law
Absolute Trust Talk
In a new episode of Absolute Trust Talk, Kirsten sits down with Jon Babione of Ferber Law. He practices in a broad range of employment matters, including discrimination, harassment, wrongful termination, and wage and hour claims, in the state and federal courts and the office of the Labor Commissioner. Jon and Kirsten discuss the requirements involved, and Jon provides some best practices to follow when hiring a caregiver to avoid any legal issues.
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061: Keys to a Successful Transfer of Wealth
Absolute Trust Talk
In this Absolute Trust Talk episode, Kirsten sits down with Richard Del Monte of the Del Monte Group to discuss the underlying reasons why wealth transitions so often fail. They also look at the tools and processes he recommends for families who want to avoid that fate. With more than 35 years of experience, Richard excels in guiding clients through challenging life transitions and finding ways to make seemingly out-of-reach financial goals become a reality.
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060: Navigating the World of Senior Living Communities
Absolute Trust Talk
In a new episode of Absolute Trust Talk Live, Kirsten sits down with placement expert Juliane Bigelow, founder of CareQuest, a local placement agency helping families in Alameda and Contra Costa counties. Listen in to hear a thorough discussion on all the options available, what kind of care is available, general costs, and more. No matter where you are in the planning or decision process, this episode will highlight all the factors you should consider.
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059: Resolving Family Conflict Through Elder Mediation
Absolute Trust Talk
In a new episode of Absolute Trust Talk, Kirsten sits down with Katharina Dress, MA. A mediator and facilitator who specializes in helping families understand each other’s viewpoints, reach an agreement, and ultimately make the best decisions about care and planning for aging loved ones and their families. Listen in to learn more about the issues Katharina sees among family members, what causes tension, and some of the approaches she uses to resolve conflict successfully.
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058: The Importance of Guardianship in Your Estate Plan
Absolute Trust Talk
In a new episode of Absolute Trust Talk Live, Kirsten discusses the different types of guardianship in California, the process of guardianship, factors to consider when choosing a guardian, and more. Naming a guarding for your child(ren) and the work that goes along with it is largely misunderstood. Tune in to get the facts and find the right next steps for including guardianship in your estate plan.
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057: Estate Tax Returns: Why You Might Want to File Anyway
Absolute Trust Talk
In a new episode of Absolute Trust Talk Live, Kirsten sits down with CPA Margaret Schopp. Margaret’s firm, Schopp & Co., focuses on trust and estate tax returns, including Form 706 for (portability). Listen in as Kirsten and Margaret break down the estate tax return process, discuss how to calculate it, and review the significant benefits as well as some common mistakes to avoid. Even if you don’t meet the current estate tax exemption, you might want to file anyway.
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056: 5 Mistakes to Avoid When Moving Senior Parents
Absolute Trust Talk
In a new episode of Absolute Trust Talk Live, we are thrilled to welcome Seniors Real Estate Specialist Dayna Wilson of Keller Williams. Dayna and her team have over a decade of experience providing comprehensive senior-friendly transition services, handling virtually every facet of the process. Today, she dives into what that process looks like, why and how to start planning now, tips on communicating with parents, and strategies for a successful move.
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?