Estate Planning to Avoid Reassessment of California Real Property

By Sehr Law Firm // December 19, 2018 // Taylor Hobin, J.D., L.L.M.      Estate planning for Bay Area families often involves planning for the transfer of highly appreciated real estate from parents to children. Due to a provision in the California State Constitution enacted in 1978, Proposition 13, real estate transferred in an estate often has a low base value for property tax reasons. This means that the current owners of the real property pay very low property ...
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A Bay Area Tax Issue: SALT (State and Local Tax) and Property Tax Deduction Limits

By Sehr Law Firm // December 18, 2018 // Taylor Hobin, J.D., LL.M.      There is at least one change enacted by the Tax Cuts and Jobs Act of 2017 that will hit some Californians, particularly Bay Area residents, hard. This is the new limit on the deductibility of state and local taxes and property taxes. The new rule is that a taxpayer may deduct up to, but no more than, $10,000 of their property taxes + state and ...
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