Proposition 19 destroys Prop 13 and 58 protections.
This new law may make it impossible for you to leave your home or other property to or for your special needs child. Special needs families, in particular, are victims of Proposition 19.
Commencing on February 16, 2021, property taxes on your home will increase by 300%, 500%, or 1,000% upon your passing and as it goes to a Special Needs Trust or otherwise for the benefit of the child.
It is not the case that all property tax increases are avoided if your child lives in the house.
Here is a simple example: You now pay $3,000 per year in property taxes. Your home is worth $3 million. Under Prop 19, property taxes will increase to well over $20,000 if your child lives in the house. If your child does not, property taxes will increase to perhaps $35,000 per year.
If you act well before February 15, 2021, we can take steps to protect low property taxes for your child and build in other tax protections. This is extremely time sensitive. There has been extraordinary demand for our Prop 19 solutions. We want our full client community to be aware of these issues.
Join us for this timely and vital webinar to learn about Proposition 19 and steps you can take to avoid its harmful, erosive impact.
This webinar is presented by attorneys Michael Gilfix and Mark R. Gilfix of Gilfix & La Poll Associates.
Webinar air date: December 22, 2020
This webinar is for informational and educational purposes only. It is not legal advice and does not form an attorney-client relationship.